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Blue Earth County EDA OKs $150,000 for Community Land Trust, approves vouchers and advisory appointment
Summary
The Blue Earth County Economic Development Authority approved $150,000 from the county Affordable Housing Trust Fund to support Phase 5 of the Southwest Minnesota Housing Partnership Community Land Trust and authorized a Minnesota Housing-backed Bridges voucher agreement; the EDA also appointed a new advisory board member.
The Blue Earth County Economic Development Authority on June 10 approved $150,000 from the county Affordable Housing Trust Fund to support Phase 5 of the Southwest Minnesota Housing Partnership's Community Land Trust, county staff said. The funding will be used to lower purchase costs for homes targeted at households at or below 80% of area median income.
The EDA packet and staff presentation said the land trust application layers multiple funding sources to make homes affordable. Jen Theaneman, director of real estate and community development for Southwest Minnesota Housing Partnership, said the partnership has secured New Markets Tax Credits, city of Mankato funds, philanthropy from the Target Foundation and Auto Bremer Trust, and recent Minnesota Housing funding that matches the county contribution. "Our homeownership advisors work with City Of Mankato residents to, not only qualify them, but also do all the things that are necessary," Theaneman said, describing mandatory homebuyer education and credit-counseling work the partnership provides.
County staff described the request as $250,000 to subsidize about 10 homes (roughly $25,000 per unit). EDA staff recommended using money set aside in the county's affordable housing trust and noted the county has an available statewide affordable housing aid balance in the packet. The board voted to approve the EDA recommendation; the motion carried without recorded opposition.
At the same meeting the EDA appointed Corey Murrell, a Pioneer Bank employee with local affordable housing experience and Habitat for Humanity board service, to the Affordable Housing Trust Fund advisory committee. The appointment motion carried.
The EDA also authorized the county to sign a Minnesota Housing grant agreement and a cooperative agreement with the South Central Community-Based Mental Health Initiative for the Bridges program. County staff said the award provides 25 Bridges vouchers and $437,801 in funding for two years; the South Central initiative will provide case coordination and support services and the county will sign the grant documents to accept the award.
Board members and staff described the actions as continued local support for multiple years of partnership work on the Community Land Trust and related rental-assistance programming. The EDA adjourned after approving the items on its agenda.
