Did You Know?
Affordable housing facts you should know:
What do you mean by "affordable"?
- A home or apartment that is affordable to those families earning 80% of Area Median Income ($51,500/year for a family of four) or below.
- 50% of Area Median Income represents a family of four earning $32,188 a year.
Additionally:
- Affordable housing demand far outstrips supply.
- Even rental housing is unaffordable to many working households.
- Rental units much more likely to experience deterioration.
- 25,000 lowest income renters pay over half of their income for housing.
- 11,000 low income homeowners pay over half of their income for housing.
- Home foreclosures have tripled in Columbus and Franklin County over the past seven years.
FAQ's
Your Questions Answered About The Trust
Q: What is The Housing Trust?
A: The Housing Trust for Columbus and Franklin County is a not-for-profit housing finance corporation formed by the City of Columbus and Franklin County to address the housing shortage affecting working families.
Q: What does The Housing Trust do?
A: The Trust facilitates the development and rehabilitation of affordable housing by making loans, giving technical help and doing pre-development research which enables builders and developers to construct affordable housing with much less financial risk.
Q: Who can apply for a loan from The Trust?
A: The Trust makes a variety of loans to for-profit and not-for-profit developers, not to individuals.
Q: Does the Trust loan money for the rehabilitation of vacant buildings?
A: The Trust has programs especially for the rehabilitation of vacant houses and apartments.
Q: How does The Trust get the money to do its work?
A: The Trust receives funds from the City of Columbus, Franklin County and from corporate donations.
Q: How does The Trust use the money?
A: The Trust uses the money to finance acquisition, construction and bridge loans to housing developers.
Q: Who benefits?
A: Affordable housing for working families and the elderly benefits homeowners, renters, neighborhoods, business and the community at large.
Q: I know some people who need a home they can afford. Can they call The Trust?
A: The Trust can provide a variety of information to potential homeowners, but The Trust does not lend to individuals.
Q: Where can I get more information on The Trust's programs?
A: Call us at (614) 228-6488
Q: How can I help The Trust help my community?
A: The Housing Trust is a not-for-profit corporation that welcomes charitable contributions of currency, property and/or securities to The Housing Trust for Columbus and Franklin County Endowment Fund through:
Mr. Terry Schavone
The Columbus Foundation
1234 E. Broad Street
Columbus, OH 43205