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Committee reviews trust fund balance, approves 847 Gum Street repairs and sets homeowner-priority goal
Summary
The committee reviewed the Affordable Housing Trust Fund balance, discussed timing for the mayor—9s $1 million allocation and TruVest loan payoff, approved a $25,000 grant and $7,040 loan for home repairs at 847 Gum Street, and set a goal to prioritize roughly half of funds for owner-occupied rehabs in 2025.
Advisory committee members reviewed the Affordable Housing Trust Fund—9s current balance and obligations, discussed immediate uses for remaining unencumbered funds, approved a home-repair award for 847 Gum Street and agreed on a target to prioritize homeowner-occupied rehabs.
Corey, Department of Metropolitan Development staff, presented the committee—9s financial summary. "We—9ve got, the total cash on hand is 909,257 and 13 cents," he said, and described additional anticipated funds including a mayoral allocation of $1,000,002.71, a $14,950 donation from the Urban Enterprise Association earmarked for a Jacobsville home-repair project, and a TruVest loan payoff expected in June of $256,659.27. Corey explained that once all revenues post and allocated items are subtracted, the committee—9s available unencumbered appropriated balance today would be about $159,419.13 in the best-case scenario.
Committee members clarified the source of the trust fund. "These are all the money that has been put into the Affordable Housing Trust Fund has all been from the city budget, which I believe they come from casino funds," Corey said; he emphasized the funds are not property-tax based. Staff reviewed the city appropriation process: the city will close its 2024 books in February and the appropriation steps (finance ordinance, first reading, second reading) can take roughly three to five weeks.
On a funding motion, the committee approved repair assistance for 847 Gum Street after a rebid came in at $32,040. Staff reported the homeowner would take a loan portion; the committee approved a $25,000 grant and a $7,040 loan for the repairs. The motion was made on the record and seconded; the committee approved it by voice vote.
Committee members discussed how to spend the remaining approximately $50,000 available now (after making allocations for the Echo grant and the Gum Street award) and next steps for home-repair applicants. Staff said there are roughly 54 to 56 existing applicants who may still need work and proposed contacting them with a short self-assessment and income verification to re-rank priorities. Members argued for rapid use of funds on energy-efficiency projects: "I would suggest focusing on the HVACs first because that increase[d]...burden on the lower income homeowners," said Ruth Pensker, urging the committee to address utility burden quickly. Others cautioned keeping a buffer for projects that run over budget.
Discussion also covered procurement and contracting realities: staff and DMD inspector Lehi Shane Beckler said grouping many house repairs into a single neighborhood package generally drew fewer bidders and that most local contractors are smaller firms that bid singly or for scattered jobs.
The committee ended the discussion by adopting a nonbinding goal to prioritize 50% (with suggested ranges between 50-70% discussed) of current-year allocations for owner-occupied rehabs to ensure the fund meets its original intent, while allowing staff discretion to reallocate if homeowner demand is insufficient.
Ending: Staff will send a requalification/self-assessment form to pending applicants, proceed with the approved Gum Street contract and report back on fund availability and the timing of the mayoral appropriation and TruVest payoff.
