Affordable Housing Trust Fund
The Somerville Affordable Housing Trust Fund (SAHTF) was created in 1989, by a city ordinance, and its first programs began in 1991. Its purpose is to preserve and create affordable rental and homeownership units in Somerville and carry out programs to directly assist homeowners and renters. All of its activities must benefit low to moderate-income households (with incomes at or below 110% of area median income).
The Trust was initially capitalized by a $400,000 allocation of municipal funds and federal program income. In addition, all linkage fees from commercial development in Somerville go to the Trust, as do payments made in lieu of units pursuant to the city's Inclusionary Zoning Ordinance. It also receives revenues from the repayment of Trust-funded loans to affordable housing developers, first time homebuyers and renters receiving security deposit, arrearage or other loans. To date, it has received $1.5 million in resources.