When challenged over false claims about millions in the Affordable Housing Trust Fund, City officials began using the term “fund of funds” to describe various monies committed to housing.
“Fund of funds” is generally used to describe the “Affordable Housing Leverage Fund,” managed by the Cincinnati Development Fund (CDF). There are several revenue sources in this pot – some have rules that are incompatible with Fund 439, and others have simply been lumped in (including over $12 million in discretionary City funds). While Fund 439 is committed and targeted at income levels where Cincinnati is in crisis, the vast majority of “fund of funds” money is not, meaning it can be used to subsidize housing priced far out of reach for most Cincinnatians.