6/20/2006
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Steve Campbell, [317] 327-3622
Justin Ohlemiller, [317] 327-3690 |
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Mayor praises council for approving funding source for housing trust fund
New measure will generate up to $300,000 for fund dedicated to providing more quality, affordable housing options for low income individuals and families
INDIANAPOLIS – Mayor Bart Peterson today praised the Indianapolis City-County Council for approving an ordinance that provides the first permanent and regular funding source for the Indianapolis Housing Trust Fund, which was created to support the expansion of affordable housing opportunities for low-income residents and families and those struggling with homelessness.
The Mayor said he intends to sign the ordinance, which allocates revenues associated with the electronic filing of property sales disclosure forms to the housing trust fund. This funding source is expected to generate up to $300,000 every year for the trust fund.
“The housing trust fund is a key tool in our community’s effort to create more housing opportunities for families and individuals who face challenges with affording a safe, decent place to live,” Mayor Peterson said. “While we have used proceeds from land sales and other mechanisms to finance the fund, the need for a consistent funding source has remained vital to our community’s long-term goals of ending and preventing homelessness.”
“We could not be more pleased about the ordinance passed last night by the council. This approval is a solid step toward providing the much needed resources for the Housing Trust Fund so that the fund can continue addressing the housing challenges identified by our community,” said Christie Gillespie, chair of the Housing Trust Fund Advisory Committee, the board of community leaders who recommend strategies for using housing trust fund resources.
The Mayor called the new funding mechanism “a good start,” but made clear he would work with community development leaders and homelessness advocates to continue to look for new ways to generate more revenue for the fund. He also praised the Friends of the Housing Trust Fund, a community coalition of service providers, housing developers and advocates, and community development organizations dedicated to raising awareness about the importance of funding affordable housing initiatives.
The housing trust fund currently has approximately $1.4 million. Acting on a recommendation by Mayor Peterson, the Metropolitan Development Commission late last year approved $300,000 in grants marking the first ever use of housing trust fund dollars.
The grants went to three organizations to fund initiatives that assist more than 100 families who are either experiencing homelessness or in housing crisis. The funding was matched by $500,000 from The Indianapolis Foundation, an affiliate of the Central Indiana Community Foundation, and $250,000 from an anonymous donor. The Foundation’s contribution supports their Family Success initiative aimed helping low-income, self-motivated families get ahead.
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