Housing Investment Trust Fund
The Housing Investment Trust Fund (HITF), established through CB-21-2012, and amended in CB-57-2017, serves as a vehicle to provide Workforce Housing Gap Financing with an emphasis on supporting the development of new construction, rehabilitation, and preservation of existing workforce and affordable housing while targeting households earning up to 120% of the area median income (AMI).
On March 30, 2021, the County Council enacted CB-004-2021, which established a sustainable source of funding for the Housing Investment Trust Fund by reallocating a certain percentage of the County’s recordation taxes to provide support for the fund; requiring certain financing for the fund.
DHCD will apply the underwriting guidelines and procedures for the HOME program to the HITF; however, where necessary, exceptions or specific points of departure may be applied to HITF underwriting criteria at the discretion of the DHCD Director.
Additionally, projects may be assisted with both HOME and HITF funds; however, HOME and HITF funds may not be used for the same unit.