LOUISVILLE, Ky. — After years of pushing for more city funds for affordable housing, the Louisville Metro Council approved its first $10 million to a special fund.In 2008, the Metro Council created the affordable housing trust fund and called for an annual budget of $10 million, but getting that annual funding has been a battle.
Last year, $2.5 million was allotted to the fund, creating 365 new units in the community.
The council approved Thursday its first $10 million to the fund, which will create about 1,000 units of affordable housing.
Advocates of the trust fund said this is a huge step forward, but the momentum has to continue.
Beverly Duncan, of Citizens of Louisville Organized and United Together, has been one of the many voices for its mission: to cut down on crime by improving the quality of life with affordable housing.
There are 22,000 area families on a waiting list with the housing authority.
According to CLOUT, the metro needs 65,000 housing units.
“All along we’ve been trying to get to a dedicated source of funding for the trust fund. So now we can really turn our attention to working on that,” said Duncan.
In 2011, the mayor committed to searching for a consistent source of income specifically for the trust fund.
His office has put approximately $30 million into affordable housing initiatives within the last three years.
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