Pursuant to Howard County Code Section 13.1600, DHCD is authorized to administer the Housing Opportunities Trust Fund in accordance with guidelines established by House Bill 878-2022.
The fund will be administered by the Department of Housing and Community Development to promote and support equitable, geographically disbursed and affordable rental and for-sale housing opportunities throughout the County and assist in alleviating the difficulties of many low- and moderate-income households, including seniors and persons with disabilities, to obtain and maintain housing that meets their needs at costs that they can afford; and to meet these needs by providing funding for rental housing development, preservation and rehabilitation, rental assistance, homeownership, home improvements and other affordable housing opportunities.
The Housing Opportunities Trust Fund can be used to provide loans, grants, or guarantees to
- Construct new affordable housing units;
- Acquire land upon which affordable housing may be constructed;
- Buy and rehabilitate existing rental units that might otherwise be removed from the supply of affordable housing;
- Increase the accessibility of new and existing housing, both rental and homeownership;
- Support home modifications or improvements to help residents age in place;
- Assist with the purchase of for-sale housing; and
- Provide rent subsidies to low-income households.
The Housing Opportunities Trust Fund Advisory Committee will be comprised of five members. Committee membership should reflect the racial, gender identity/expression, sexual orientation, socioeconomic and cultural diversity of Howard County. Members will serve initial staggered terms of two or three years. Subsequent terms will be three years.