Alexandria HTF Turns 30!
Celebrating three decades of supporting affordable housing opportunities and choices for residents and workers, the City of Alexandria recently released “A Housing Trust Fund: From the 1980s to Today.” Since the first contributions were pledged almost 30 years ago, the Housing Trust Fund has leveraged over $150 million dollars in private and public financing to support the construction and preservation of more than 1,100 affordable units, and prepared dozens of Alexandrians for homeownership. In partnerships with nonprofit organizations, the city has enabled homeowners and renters to remain in their homes by funding necessary repairs and improvements, and has assisted families struggling with the threat of homelessness.
While a modest amount of funding comes from general tax revenue, the bulk of the current fund is from developer contributions, with the balance coming from loan repayments and interest. Over $33 million in developer contributions has been paid into the fund through 2015, and an additional $23.5 million has been pledged. Providing housing that is affordable to the city’s workforce, especially those in the hospitality and tourism industries, is critical for Alexandria to remain a diverse, vibrant and sustainable community.