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Committee approves FY25 housing budget, policies and trust fund plan; keeps $500,000 minimum
Summary
The committee recommended approval of the FY25 housing program budget, adopted housing policy goals and the 2025 housing trust fund annual plan, and authorized issuance of the 2025 affordable housing development and tax increment financing (TIF) application. Members elected to retain a $500,000 minimum balance in the housing trust fund.
The City of Portland Housing and Economic Development Committee voted unanimously to recommend the FY25 housing program budget, adopt 2025 housing policies and goals tied to housing trust fund distributions and HOME-funded priorities, approve the 2025 Jill C. Duson Housing Trust Fund annual plan, and authorize issuance of the 2025 affordable housing development and tax increment financing application.
Mary Davis, housing and community development division director, summarized the draft budget and funding sources. "We have, available that hasn't been allocated to other projects, about 863,000, dollars," Davis said. She told the committee the staff package assumes level funding from the U.S. Department of Housing and Urban Development and described three budget categories: administrative set-aside for HOME program administration, a small…
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