Housing Trust Fund Committee
About the Committee
The Montpelier Housing Trust Fund was established in 2005 after being approved by Montpelier voters. The purpose of the Fund is to preserve, construct and/or rehabilitate affordable housing units in Montpelier for ownership or rental, and occupancy by eligible households. The Montpelier Housing Trust Fund Committee was established to work with City staff to prioritize applications to the Fund, make funding recommendations to the City Council and monitor the operation and activity of the Fund. Ultimately, the City Council makes awards from the Housing Trust Fund.
The Committee shall consist of up to five (5) persons appointed by the City Council. The Advisory Committee shall consist (1) member of the City Council and up to four (4) persons who live or work in Montpelier who do not have a conflict of interest as staff or members of an applicant's governing body. Two (2) members of the Committee shall be members of the Montpelier Housing Task Force and two (2) shall be members of the public at large. The City Council shall make every reasonable effort to appoint persons who have expertise and experience in the preservation, construction, rehabilitation, and financing of dwelling units that are affordable for ownership or rental by eligible households. The Committee meets on an as-needed basis.
- Increase the number of dwellings in Montpelier affordable to eligible households by funding projects and programs
- Attract and retain young families
- Support economic development by helping to provide a variety of housing types and tenure to ensure adequate housing for workers in Montpelier businesses.
- Provide information and guidance to prospective applicants about how they may apply for assistance;
- Make grants or loans to eligible applicants to assist prospective buyers, owners and tenants occupy dwelling units, which shall be affordable for a period of at least 15 years;
- Leverage, deposit and use private, charitable, and public funds to increase affordable housing opportunities in Montpelier;
- Facilitate the creation of 10-20 new affordable apartments annually;
- Help 10 eligible households annually buy an affordable home in Montpelier.