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Committee backs FY2025 housing program budget, trust fund plan and updated TIF/application rules
Summary
The Housing and Economic Development Committee voted to recommend that the City Council adopt the FY2025 housing program budget, the 2025 housing trust fund annual plan and policy goals, and the 2025 affordable‑housing TIF application, and approved procedural changes intended to bring more fully formed projects to the city's funding process.
The City of Portland Housing and Economic Development Committee voted unanimously to recommend that the City Council adopt multiple housing actions for fiscal 2025: the housing program budget, the 2025 housing trust fund annual plan and policy goals, and the issuance of the 2025 affordable housing development and tax increment financing (TIF) application.
Nut graf: Staff presented a budget that assumes level funding for federal HOME, CDBG and ESG formula grants and detailed a mix of funding sources for local housing programs. The committee also discussed maintaining a $500,000 minimum balance in the Jill C. Dusan Housing Trust Fund and approved guidance for application priorities and procedural changes to the city's affordable‑housing TIF application process.
The budget and program overview were presented by Mary Davis, who said the city participates in the Cumberland County HOME Consortium and "the city and the county combined have received over 27,000,000 or almost $27,000,000 in HOME funding that has been…
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