- Created: Tuesday, 28 February 2017 13:53
- Written by Gabriela Norton
To grow and sustain their economies, cities are looking for creative ways to make housing development work. Local Housing Trust Funds (LHTF) are a proven tool to help meet local housing needs — and MHP is leading the charge on a measure in the Minnesota legislature (HF 1607 | SF 1389) that would encourage and fund the creation of LHTFs across the state.
Local housing trust funds are a consistent, flexible resource for the development of housing within a local jurisdiction. These trust funds allow communities to attract additional resources from public and private organizations and jump start projects that draw investment and jobs. Administered by local jurisdictions, LHTFs enable communities to prioritize developments that maximize benefit to the local community.
With more than 770 city, county and state housing trust funds in 47 states and Washington, D.C., housing trust funds can be created in small and large cities, rural counties, and metropolitan areas. Nationwide, these funds generate more than $1 billion per year.