The Low Income Housing Coalition of Alabama (LIHCA), an NLIHC State Coalition Partner, has released an economic impact study as part of the latest phase in their campaign to fund the Alabama Housing Trust Fund (AHTF).
The AHTF was established in 2012 by Act 2012-384, the Alabama Affordable Housing Act (see Memo 6/1/2012). All AHTF dollars must serve households at or below 60% of the area median income (AMI), and half must serve those at or below 30% of AMI. This income targeting makes the AHTF an invaluable resource for meeting the housing needs of Alabamians with the lowest incomes.
While the Alabama Affordable Housing Act established the framework for the AHTF, the law did not create a dedicated source of revenue, and the AHTF remains unfunded. LIHCA is working closely with Representative Patricia Todd (D), the original champion of the AHTF, to introduce a bill in the upcoming session of the state legislature to secure a dedicated source of revenue of $20 million annually.
In support of the new legislation, LIHCA has released a report titled Economic Impacts of the Alabama Housing Trust Fund, researched and authored by Dr. Keivan Deravi, an economist at Auburn University at Montgomery. The report assumes a base annual funding level of $20 million for the AHTF over a ten year period. Beyond the relief provided to families suffering from housing instability or homelessness, the report describes the broader economic impact of this level of funding, including:
- $1.1 billion in total economic impact,
- $151.5 million in additional revenue collected at the state and local levels,
- 7,100 homes developed or rehabilitated, and
- 6,500 full-time jobs created.
Mary Ellen Judah, president of LIHCA’s Board of Directors, states: “(The report) highlights what we already know, that housing trust funds are job creators and economic generators for communities across the nation. This report is one of LIHCA’s many tools that we will use to work with our legislators in 2015 to secure dedicated revenue for the Alabama Housing Trust Fund.”
Ms. Todd, Dr. Deravi, and LIHCA staff and board members will discuss the findings at a press event scheduled for February 23.
Follow their campaign on Twitter: @LIHCAlabama
Read the report: www.alabamahousingtrustfund.org
For more information contact Ashley Kerr, LIHCA, at email@example.com