Commissioners have also authorized negotiations with with IFF, a nonprofit community development financial institution.
According to the county, the partnership with IFF provides more than $40 million in matching funds though a 2.33:1 match. The county appropriated $17.5 million in American Rescue Plan funds last December.
All together this brings the total amount available in the Affordable Housing Loan Fund to more than $58 million.
According to the county, management of the fund will be under the guidance of a yet-to-be formed advisory committee and the Board of Commissioners.
“With its proven affordable housing experience and unique funding match, IFF was a clear choice to help ensure the success of our innovative new housing fund,” Kent County Board of Commissioners Chair Stan Stek said in a press release . “We listened intently to our residents who wanted us to make housing a priority when allocating our ARPA funding. The loan fund will be transformative for Kent County families who desperately need more affordable housing options.”
A 12-member Kent County Revolving Loan Housing Fund Advisory Committee recommended the loan parameters, according to the county. The loan fund will support rental and homeownership developments that meet certain affordability requirements.
- Rental projects will be priced appropriately for households earning at or below 80% of the county-wide area median income. Eighty percent of Area Median Income (AMI) for a family of four currently in Kent County is $71,600.
- Homeownership projects will be priced appropriately for households earning at or below 120% of the county-wide area median income. One hundred and twenty percent of AMI for a family of four currently in Kent County is $107,400.
- All projects will be required to maintain affordability requirements for at least 20% of the housing units for a period of at least 10 years or the length of the loan period, whichever is longer.
The county says the Affordable Housing Loan Fund will launch officially within the coming months.
