HRA Meeting Date: February 6, 2024
To: Members of the Housing and Redevelopment Authority
From: Jake Reilly, Community Development Director
Melissa Hanson, Housing Coordinator
Title
2025-2026 HRA Budget Update
Body
Action Requested:
HRA discusses funding and budgeting for 2025-2026.
Summary Report:
The HRA has committed funding to several non-profit housing partners in the 2025 budget cycle. They are:
* $20,000 - Northfield Union of Youth to maintain existing programming.
* $15,000 - Northfield Union of Youth to expand programming to incorporate transitional housing in the form of rental assistance for qualified participants under age 26.
* $50,000 - Rice County Habitat for Humanity to be set aside for down payment assistance associated with two of its Ford Street homes.
* $50,000 - CAC for ongoing rent and utility stabilization efforts in Northfield.
Since the beginning of the year, staff have received additional requests for assistance. They are to be considered, in part, at this meeting. They include:
* $43,900 to Rice County Habitat for Humanity (RCHFH) to move the existing property at 515 Kraewood Dr. to another lot on the site.
* $25,000 in down payment assistance to support a family to purchase that property.
* Subsidy of $137,249 for the development of 307 Sumner by Oberto Properties LLC and RCHFC.
The State of Minnesota is launching new programs to fund local government initiatives this year, to implement the more than $30 million of housing funds established in the 2021 and 2023 budget cycles. This includes the matching grant program for local Affordable Housing Trust Funds. HRA staff intend to apply for the maximum available match. The required "intent to apply" for those funds is due this month. At the same time, there is uncertainty regarding Federal funding, particularly to states that take a "progressive" approach to affordably housing vulnerable populations. This includes the HRA's Community Development Block Grant (CDBG) allocati...
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