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Council approves transferring $194,000 into Rochester Housing Stability Fund Corporation books

2122522 · January 14, 2025

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Summary

Council passed an item to authorize a shared services and grant agreement and amend the 2024–25 budget to move $194,000 into the Rochester Housing Stability Fund Corporation, formalizing previously allocated funds and establishing the corporation's initial budget and reporting schedule.

Council members approved introductory number 2, authorizing a shared services and grant agreement and amending the 2024–25 budget to place $194,000 into the Rochester Housing Stability Fund Corporation, the entity the council identified as the official housing trust fund.

Council Member Gruber asked for a full scope and the practical effect of the action. Staff explained that the Rochester Housing Stability Fund Corporation has bylaws, articles and a board in place; the $194,000 represents funds already allocated to housing-trust-eligible activities and will be entered into the corporation’s books as its opening budget. “At this time, yes,” staff said when asked whether that amount will be the corporation’s total budget for now.

Council members asked about board meetings and reporting. Staff said the corporation meets monthly and will provide an annual presentation to the council; timing of the first formal report will be within the calendar year. Council members also asked whether the corporation could raise revenue through a local real-estate transfer fee; staff said that additional local taxation or a real-estate fee would require state legislation and agreed to provide a written explanation from the city legal office.

The motion was moved, seconded and passed without recorded dissent.

Council staff said the administration will continue to seek other sources of revenue to expand the trust fund, and that the corporation’s board and bylaws are in place to manage program activity going forward.