What is a Housing Trust Fund?
A Housing Trust Fund is a fund established to support the production and/or preservation of affordable housing. The Housing Trust Fund is generally supported by the public sector (local and/or state governments) to fill gaps In the housing supply provided by the market. They are also supported by philanthropy and the
private sector. Housing Trust Funds are enabled at the state level. The “William C. Merscher local Housing Trust Fund Enabling Act” became effective on May 5, 2007. Any Housing Trust Fund in the state of South Carolina may allocate funds towards the development or rehabilitation of affordable housing. Preference must be given to projects with an affordability requirement of at or below fifty percent of the median income for the local area, or the development/rehabilitation
of special needs housing, or the development/rehabilitation of homeless housing.
Priority #1:
Providing accessible, affordable housing to the region to support the workforce in the service economy, as well as others with high housing cost burdens.
Priority #2:
Overcoming barriers to affordable development, such as financial gaps and land availability.
Priority #3:
Ensuring a regional approach for affordable housing that addresses the needs of each jurisdiction. while meeting important
strategic goals for housing location.
Priority #4:
Understanding the tools and resources available to Housing Trust Funds through various state laws and regulations.
Priority #5:
Identifying a stable and reliable dedicated revenue source.
Who Affordable Housing Impacts
Marion Ellis is a single mom who works full time as a registered nurse at Beaufort Memorial Hospital earning $50,000 per
year. Her two school-aged kids are 12 and 16 years old and are active in afterschool activities. Due to Marion’s student loans, single income, and lack of child support, Marion has had difficulty getting approved for a mortgage loan. As a renter, she’s had difficulty finding an affordable three bedroom single family house within walking or biking to her children’s campuses as both her kids have morning and evening sports practice that often conflicts with her overnight shifts.