Affordable Housing Trust Fund of Miami-Dade County
The Affordable Housing Trust Fund is a permanent, renewable source of revenue to help meet the housing needs of the residents of Miami-Dade County. Its objective is to foster a housing supply accessible to a range of incomes in developments assisted by the trust fund and to disperse affordable housing units throughout the County. Funds from the Trust are to be used solely for programs and administrative support approved by the Board of County Commissioners to meet the housing needs of households who meet the target income of up to 140% of the area median income (ARI) for Miami-Dade. As of April 2017, the ARI is $51,800. Qualifying households must also be cost-burdened (paying more than 30% of their gross income on housing costs), live in overcrowded conditions, or live in substandard housing units. Programs funded by the Trust include the production, subsidization, construction, acquisition, rehabilitation, and preservation of affordable housing units. The Trust will be governed by a 13 member Board of Trustees.
To learn more about what types of households qualifies as extremely low, very low, and low income, please click the button below.
No more than 5% of Trust funds may be used to cover reasonable administrative expenses not reimbursed through processing fees
Funds used toward affordable rental units must be offered at affordable rents exclusively to households whose income does not exceed HUD’s standard for moderate income (120% of ARI).
40% of total units in a project must be offered at an affordable rent to extremely low and very low income households
30% must be affordable to low income households
30% must be affordable to moderate income households
Funds used toward affordable units for sale must be sold at an affordable cost for households whose incomes do not exceed 140% of the ARI.
Of these units to be sold, 20% are set aside for extremely low and very low income households
30% for low income households
50% for moderate income households
How will there be oversight for the funds?
The County will provide for an independent financial audit of the Trust each fiscal year. The report will describe the amount and source of deposits into, and amount and purpose of withdrawals from the Trust during the fiscal year. The amount, principal, and interest paid during the year and its indebtedness will also be reported. Funds allocated to Miami-Dade County by HUD to administer federally subsidized housing programs, Surtax and SHIP funds, and funds received for the County’s Local Housing Assistance program are not deposited in the Trust.