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Housing Trust Fund Committee
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The City completed a city-wide Housing Study in the fall of 2021 which made the following findings:
1. The city is expected to grow its population and employment base and the existing housing stock will not accommodate this growth. 2. Housing prices (sales and rentals) are outpacing what most Nashua residents can afford. 3. Making affordable housing available in more locations across the City would provide more housing choice for the City’s most vulnerable residents. Providing affordable housing in more locations throughout the City would improve housing choices for the City’s most vulnerable residents. 4. The City must employ strategies that improve the quality of the housing stock and encourage a mix of new market-rate and affordable housing to improve quality of life for all residents in the community. 5. The City will need additional resources to address the housing opportunities and challenges ahead. WHEREAS, the Housing Study recommended the establishment of a Housing Trust Fund and a committee to make recommendations to the Mayor. [# O-22-017]
About the Committee
- Make recommendations to the Mayor as the agent to expend for funds from the Housing Trust Fund.
- Develop the guidelines for the Housing Trust Fund. The guidelines shall support the creation of affordable housing units and housing development or redevelopment projects with unique financial, environmental, or other challenges that impact the provision of affordable housing.
- Develop the criteria for project eligibility and assist in the determination of eligible applicants for expenditure of Housing Trust Fund monies.
- Identify opportunities and potential barriers to implementing the City’s affordable housing goals and making recommendations to address those challenges.
- Improve housing access with respect to City residents at all life stages, household compositions, physical abilities, and socioeconomic levels.
- Guide and support outreach and engagement initiatives and activities related to affordable housing. This may include assistance in the creation and distribution of affordable housing literature and community education on housing, generally.
- Recommend policies, ordinance changes, or modifications to the City’s housing programs.
The following Committee members are sought:
(1) One (1) member of the Board of Aldermen who will also serve as liaison between the Committee and Board of Aldermen, and will be appointed by the president of the Board of Aldermen. The term of this member shall be two (2) years.
(2) One (1) member shall be a Nashua resident of a low-income neighborhood or a low-income community resident, and will be appointed by the Mayor subject to the approval of the Board of Aldermen.
(3) One (1) member shall be a licensed New Hampshire attorney in good standing who practices in the City and will be appointed by the Mayor subject to the approval of the Board of Aldermen.
(4) One (1) member shall be a finance professional with experience in housing lending in the City or State of New Hampshire and will be appointed by the Mayor subject to the approval of the Board of Aldermen.
(5) One (1) member shall be a representative of a housing advocacy group and will be appointed by the Mayor subject to the approval of the Board of Aldermen.
(6) One (1) member shall be the Community Development Division Director or his or her designee. The term of this member shall be indefinite.
(7) One (1) member shall be the Economic Development Division Director or his or her designee. The term of this member shall be indefinite.
Committee members will serve three (3) year terms.
The Committee will meet a minimum of monthly in the coming year, with meetings scheduled as needed.