Affordable Housing Trust Fund
Each year in the spring, the Trust release a Notice of Funding Availability for applications for grants to carry out programs that address the housing needs of low and moderate-income households in Somerville. These grants are funded through Trust funds. The Trust also administers Community Preservation Act (CPA) funds designated for community housing purposes. Each fall, the Trust releases a Request for Information and then a formal application process in the winter for development projects and programs that either create and/or provide affordable housing units or provide rental assistance or other financial assistance to income eligible households for the purpose of making housing affordable.
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.