The issue of future affordable housing was one of the topics discussed at a Tuesday afternoon work session of the Athens-Clarke County Mayor and Commission. They heard from Melinda Lord, the Interim-Housing & Community Development Director.
She discussed the Affordable Housing Investment Strategy which was accepted by the Mayor and Commission in October 2023. Lord began with financing options, which included Gap Financing for Low-Income Housing Tax Credit, or LIHTC.
“Gap financing for LIHTC projects is now funded with $2,000,000 in general funds,” Lord said.
Lord said LIHTC projects are the primary means of creating affordable rental housing across the country.
“LIHTC projects use federal funding, which is administered by the state, to carry out affordable rental projects. LIHTC GAP financing may be provided as low-interest loans or grants and serves as GAP financing for projects that need further investments to carry out development activities.”
An additional $2,000,000 has been allocated for a single-family affordable housing fund.
Also up for discussion, an Acquisition Strike Fund, which is a dedicated stand-alone pool of money used to buy both naturally occurring and subsidized affordable housing.
While the work session was open to the public, no public comments were received.
