(A) Definitions.
AFFORDABILITY GAP. Refers to the difference between the number of affordable housing units available within Louisville Metro and the number of households in need of those units within a specific income group as determined by The Affordable Housing Trust Fund in its needs assessment.
AMI. Area Median Income.
HOUSEHOLD. For the purposes of the Affordable Housing Trust Fund the term “household” includes one-person households as well as households of a larger number.
(B) Purpose. The purpose of the Affordable Housing Trust Fund is to receive monies and disburse monies to organizations dedicated to addressing the affordable housing needs of individuals and families of low- and moderate-income households by promoting, preserving, and producing long-term affordable housing and providing housing-related services to low- and moderate-income households. The Affordable Housing Trust Fund may provide financial support for a wide variety of eligible activities to organizations serving persons in low- and moderate-income households, including, without limitation:
(A) Seniors on fixed incomes;
(B) Persons with disabilities who require accessible affordable housing;
(C) Persons employed in Louisville Metro but financially unable to live in Louisville Metro;
(D) Single-parent families; and
(E) Households with incomes as defined in § 40.42. A needs assessment shall be done as determined by the Affordable Housing Trust Fund Board and staff within the first year of operation and shall occur at least every five years.
(Lou. Metro Ord. No. 82-2008, approved 5-28-2008; Lou. Metro Am. Ord. No. 115-2024, approved 6-27-2024)