Tenant Assistance Funds (TAFs) Eric Timar Housing Division, CPHD - - PowerPoint PPT Presentation

▶

Jul 19, 2023 378 likes •469 views

Tenant Assistance Funds (TAFs) Eric Timar Housing Division, CPHD Reasoning behind TAFs Rents at properties in Arlington which are converted into CAFs sometimes increase. Rent assistance disbursed through Tenant Assistance Funds (TAFs)

SLIDE 1

Tenant Assistance Funds (TAFs) Eric Timar – Housing Division, CPHD

SLIDE 2

Rents at properties in Arlington which are converted into CAFs sometimes increase. Rent assistance disbursed through Tenant Assistance Funds (TAFs) allows existing tenants to remain at a property when renovation results in increased rents.

Reasoning behind TAFs

SLIDE 3

Margaret Tenant and her child paid $1200 rent

in a 2BR before the property was purchased by a nonprofit housing provider with an AHIF loan

Margaret earns $42,000 annually
Rent post-renovation will be $1582/month
Margaret will pay $1225 toward rent; TAF will

pay the remaining $357

(Note – this is not the same as relocation

assistance)

TAF Example

SLIDE 4

Tenant assistance funds have been used since the

1990s (Arna Valley; Gates of Ballston; others)

TAFs had been created ad hoc up until 2013
Dec. 14, 2013, the County Board approved the

Tenant Assistance Fund Policy; some changes were made in Jan 2017 (again with approval of Board)

Background/History

SLIDE 5

TAFs time-limited, HG not (financial

advantage for County)

TAFs allow wider eligibility (advantage for

tenants)

TAFs are easier to access (advantage for

tenants)

Differences between TAF and Housing Grants

SLIDE 6

TAFs are established whenever County

action to preserve or create or preserve CAFs will result in increased rents for existing tenants

TAFs pay rent assistance directly to the
wner of a property to make up the gap

between either 35% of tenant income, or the amount the tenant was already paying, and the rent amount. TAF Policy

SLIDE 7

TAFs:

Assist households at or under 60% AMI.
Include a time limit; the duration of

renovation/construction plus 12 months.

Do not assist households with other rent

assistance. TAF Policy (continued)

SLIDE 8

Currently operating for The Berkeley
Possible at Queens Court
Funds were set aside for Culpepper

Garden also, but never used because of

ther rent assistance available