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3 <br /> i <br /> "A local housing trust allows municipahties to collect funds for affordable housing7 <br /> segregate them out of the general municipal budget into a trust- fund, and use the <br /> funds for local initiatives to create and preserve aff rda ie housing." <br /> Powers of a Municipal Housing Trust <br /> ■ Purchase & hold property <br /> ■ Sell & lease property <br /> ■ Manage & improve property <br /> ■ Construct & take abandoned property <br /> ■ Make loans & grants <br /> ■ Accept property & money by gifts grants <br /> ■ Borrow money <br /> Duties of the Trust <br /> ■ Fiduciary responsibility to ensure that the trust funds are used in a <br /> responsible manner <br /> ■ Set <br /> oals, priorities and a realistic budget & create a dialogue <br /> vw g <br /> Educate/advocate to further affordable housing <br /> initiatives <br /> Initiate, execute, & manage projects programs <br /> ■ Manage trust revenue and expenditures <br /> ■ Meet regularly in open meeting <br /> ■ <br /> Take care of property <br /> Undertake local affordable housing initiatives <br /> ■ <br /> Establish programs <br /> i Provide grants for health and safety repairs <br /> * Purchase of a home <br /> Write down mortgages <br /> ■ Fent home <br /> ■ <br /> Remain in a home <br /> Develop housing units , <br /> u�F Rehab & conversion <br /> ep New construction <br /> ov Subsidize private development <br /> offer housing as a municipal service <br /> ■ Connect residents to assistance <br /> ■ Tech assistance to ton officials <br /> a Facilitate trust development projects <br /> i • F <br /> Administer programs <br /> 0 Monitor restrictions & administer ter resales <br />