What is the Greenwich Affordable Housing Trust Fund?

 

Screenshot (Patch.com)

The Greenwich Affordable Housing Trust was established in 2021 and given $650,000.00 in starter funds from the Town's Covid-19 relief money to address the growing need for affordable housing in the town. The trust is a non-profit organization that works to create and preserve affordable housing opportunities for individuals and families in Greenwich.


As of October 2023, the trust fund has received $40, 000.00 in donations.


Screenshot (GAHTF, Town of Greenwich Website)

 

One of the main goals of the Greenwich Affordable Housing Trust is to increase the availability of affordable housing options for low and moderate-income residents. This includes developing new affordable housing units, as well as preserving existing affordable housing stock. By creating more affordable housing options, the trust aims to help alleviate some of the financial burdens faced by low-income residents in Greenwich.

 

The trust also works to promote mixed-income communities by integrating affordable housing units within market-rate developments. By building mixed-income communities, the trust hopes to foster a sense of community and provide residents with access to a wider range of resources and services.

 

In addition to creating and preserving affordable housing units, the Greenwich Affordable Housing Trust also provides financial assistance and support services to help low-income residents secure and maintain affordable housing. This includes offering down payment assistance programs, rental assistance programs, and housing counseling services. By offering these resources, the trust aims to help low-income residents overcome financial barriers and achieve stable and affordable housing.


The trust also works closely with local government agencies, developers, and community organizations to advocate for policies and initiatives that support affordable housing in Greenwich. This includes advocating for zoning changes that allow for the development of affordable housing units, as well as collaborating with developers to create more affordable housing opportunities within the town. By working with various stakeholders, the trust is able to address the affordable housing crisis in Greenwich.

 

Despite the efforts of the Greenwich Affordable Housing Trust, the town still faces challenges in providing affordable housing for all of its residents. The high cost of land and construction in Greenwich makes it difficult to develop affordable housing units that are accessible to low-income residents. Additionally, the lack of available land for development poses a further challenge to creating new affordable housing options in the town. Not to mention the state’s mandated 8-30g statute that requires all towns in Greenwich to reach 10% affordable housing stock. This is challenging as all 8-30g units revert back to market rate after 40 years, thus, realistically, there is always difficulty in reaching and maintaining this percentage.

 

To overcome these challenges, the Greenwich Affordable Housing Trust is constantly seeking new funding sources, including the Town of Greenwich, and partnerships to support its affordable housing initiatives. This includes applying for grants, seeking private donations, and collaborating with other affordable housing organizations to leverage resources and expertise. By working together with other organizations and stakeholders, the trust is able to maximize its impact and create more affordable housing opportunities for residents in Greenwich.



Greenwich Affordable Housing Trust Fund


Affordable Housing Trust Ordinance


Affordable Housing Trust Board and P & Z Joint Session


CT 8-30g Statutes


Town of Greenwich Calendar 2024


Affordable Housing Trust Fund FAQs

 

 

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