Scott County Housing Trust Fund
Purpose of the Program
The Scott County Housing Trust Fund (SCHTF) serves as a permanent and continually renewable source of funding to address the housing needs of moderate, low, and very low-income households throughout Scott County. The SCHTF allocates capital to support housing initiatives across the county, with the Scott County CDA partnering with local organizations to implement and advance these efforts.
Fund Activities
The eligible activities of the Scott County Housing Trust Fund (SCHTF) include:
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Acquisition, construction, and rehabilitation of housing units, including single-family homes and Community Land Trust homes, as well as land acquisition and any necessary demolition or remediation for qualified housing developments.
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Providing loans and grants to cover acquisition and rehabilitation costs, including professional service expenses, for the creation and preservation of both rental and owner-occupied housing units, including single-family and Community Land Trust homes.
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Supporting housing and related services for disabled, veteran, and homeless populations, including the provision of emergency housing vouchers.
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Offering first-time homebuyer assistance, subject to maximum limits per applicant.
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Enhancing county, state, and federal affordable housing programs, including providing matching funds where applicable.
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Covering project administrative expenses associated with the fund.
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Supporting other housing-related activities as determined by the County Board.
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Term of Affordability
The minimum affordability period for assisted rental units shall be fifteen (15) years. The Scott County CDA will give preference to projects that ensure assisted units remain affordable for the longest period possible.
Additional terms include:
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Long-Term Affordability: Assisted multi-family rental units shall be deed-restricted to maintain long-term affordability.
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Agreements with Recipients: The CDA will enter into loan or grant agreements with recipients of Trust Fund monies. Each agreement will clearly outline the conditions and requirements for the use of Trust Fund resources, including the compliance period, transfer or sale provisions, and any other applicable requirements.
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Repayment Obligations: If an assisted unit is sold or transferred prior to the expiration of the agreed-upon affordability term, or if the unit ceases to meet affordability requirements, the original recipient shall be required to repay to the Trust Fund the full amount of the initial loan or grant.
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