HRA Meeting Date: December 5, 2024
To: Members of the Housing and Redevelopment Authority
From: Melissa Hanson, Housing Coordinator
Title
2025 HRA Budget Allocations.
Body
Action Requested:
HRA to approve attached resolution allocating 2025 funds.
Summary Report:
The HRA received multiple requests from non-profit partners working in housing seeking funding from its 2025 budget. These requests 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.
If the HRA Board chooses to fund all partner requests for 2025, there will be $109,952 remaining to continue to support the HRA’s existing Down Payment Assistance and Rehab grant and loan programs.
Attachment 1 is the HRA Budget Report.
Attachment 2 is the HRA 2025 revenue, expenses, and funding requests.
Attachment 3 is the resolution allocating funds to partner requests.
Alternative Options:
Fund requests at a different amount from that stated by the requestor.
Delay funding these requests until a later date.
Deny funding for these requests.
Financial Impacts:
See attachment 2.
Tentative Timelines:
The City of Northfield and HRA fiscal year begins January 1, 2025.