Fairfax County, VA. Stonegate Village Apartments contains 240 affordable apartments in Reston.
These are perhaps the least restrictive areas of housing trust fund regulation. Typically, any project that meets the requirements of the housing trust fund is eligible for funding. Housing trust funds often pride themselves on their flexibility and willingness to support innovative projects that address needs not being served by other programs; this flexibility has been the cornerstone of what makes housing trust funds successful and popular. A potential list could include: new construction, rehabilitation, adaptive reuse, acquisition, rental assistance, land trusts, cooperative housing, transitional or emergency housing, preservation of assisted housing, weatherization, emergency repairs, housing-related services and more.
Most funds also allow a wide variety of applicants to apply for funds: nonprofit developers, for-profit developers, housing authorities, Native American tribes, units of government, regional organizations and other nonprofit organizations. Unless the program’s purpose is to expand homeownership opportunities, individuals are not eligible. A few trust funds limit eligibility to nonprofit development organizations. Other funds, because they focus on the needs of the homeless, may restrict eligibility to organizations or agencies serving this population.