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Finance committee approves $2 million city contribution to High Point Community Foundation housing fund
Summary
The finance committee voted to approve a $2 million contribution to the High Point Community Foundation27s Housing Impact Fund, using previously appropriated ARPA dollars and bond premium funds; the foundation aims to raise $40 million and the funds will be managed by Self-Help Ventures per the agreement described to the committee.
Mayor Pro Tem Britt Moore presided over a finance committee meeting that approved a $2,000,000 contribution from the city to the High Point Community Foundation27s Housing Impact Fund.
The funding, the committee heard, will combine previously appropriated American Rescue Plan Act (ARPA) funds of $1,606,582 with $393,418 in bond premium from 2018 housing bonds to reach the full $2,000,000 commitment. Eric Almeida, assistant city manager, told the committee the foundation aims to raise $40,000,000 and that, once raised, the funds would be managed by Self-Help Ventures.
Committee members discussed the source of the bond premium and confirmed that the $393,418 had been held aside for housing purposes pending council approval. "Their goal is to raise $40,000,000 and once that's raised, they will, those funds will be managed through Self-Help Ventures for this housing fund," Almeida said.
The motion to approve the budget amendment and contribution was made and seconded during the committee meeting and carried with all members present voting in favor.
The allocation now moves forward for city-council consideration and implementation steps under a nonprofit agreement between the city and the High Point Community Foundation. Committee members noted the item had been discussed in earlier meetings and that partners and foundations in the community had been involved in developing the fund.
