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Council approves $238,000 loan from housing reserve to River Falls Housing Authority for Windmill Place repairs
Summary
River Falls Common Council approved a resolution to loan $238,000 from the city's housing reserve fund to the River Falls Housing Authority to fund window and capital improvements at Windmill Place; staff described terms as low‑interest (about 2%) with a 10‑year amortization schedule and the housing authority will retain ownership and auditing,
The River Falls Common Council approved on consent June 24 a resolution to lend $238,000 from the city's housing reserve fund to the River Falls Housing Authority for capital improvements at Windmill Place.
City Administrator Scott Simpson explained the housing authority is a statutory, separate entity that operates independently of the city and holds its own assets and audit. Simpson said the housing authority asked for assistance to fund capital work at Windmill Place and staff's resolution would provide a low‑interest loan "to address windows and other capital improvements at Windmill Place." He said the proposed loan terms were approximately 2 percent interest with a 10‑year amortization.
After Simpson's explanation, a council member moved approval and the motion passed by voice vote in the meeting record. Simpson reiterated the housing authority's separate governance: "They hold the assets. They have a separate audit. They have separate, kind of financial bottom line. Their employees are not employees of the city." The resolution was approved as presented.
The resolution directs use of the housing reserve fund for the loan; the housing authority retains operational control and responsibility for repayment under the proposed terms. The consent record does not show additional conditions beyond those described in staff materials.
