Benton County adopts ordinance creating local housing trust fund to pool aid and pursue state grants

Benton County commissioners on the board unanimously adopted an ordinance establishing a local housing trust fund intended to centralize local housing aid and make it easier to leverage state and private dollars for housing programs.

County staff member Amanda told the board the county—s housing study identified a need for roughly "3,800 units across the county," and described the trust fund as "a permanent source of funding for continuing to meet some of our housing needs." She said the county already holds local housing aid dollars in a separate account and that the balance in that account was reported at about $242,600. Amanda also said Minnesota Housing currently has an opportunity that could provide up to $225,000 if the county has a local vehicle to accept and administer those funds.

Under the ordinance, eligible activities could include grants, loans and a revolving fix-up fund aimed at preserving existing housing stock. Amanda said those programs would be implemented through policies and applications developed under the ordinance and that Benton Economic Partnership (BEP) would serve as the nonprofit administrator for the trust fund, handling program administration, applications and repayment terms.

The board opened a public hearing and invited comment, but no members of the public spoke on the item. After staff questions and discussion about funding sources and administration, a county commissioner moved to adopt the ordinance and direct publication in the county—s official newspapers; another commissioner seconded the motion and the board voted in favor.

Next steps include BEP finalizing program policies and applications and staff bringing specific program rules or loan agreements back to the board as required by the ordinance.