Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Housing Trust Fund topic
No spam. Unsubscribe anytime.
Benton County adopts local housing trust fund to pool aid, seek state dollars
Summary
The Benton County Board voted to create a local housing trust fund to pool dedicated local housing aid and investment earnings, allow BEP to administer loans/grants and to leverage state programs (Minnesota Housing RFP up to $225,000). The board adopted the ordinance after no members of the public signed up to speak.
The Benton County Board on a unanimous voice vote adopted an ordinance to establish a local housing trust fund intended to create a permanent, dedicated vehicle for housing programs and to boost the county’s ability to leverage outside funding. County staff said the fund will be used to park local housing aid dollars and investment earnings and to support grants or revolving loan programs administered by the county’s economic development partner.
Amanda, a county/Benton Economic Partnership staff member who presented the proposal, told the board the county’s housing study identified a shortfall of roughly 3,800 housing units across Benton County and recommended new local tools to address needs. “We identified a need of 3,800 units across the county,” Amanda said, summarizing the study’s findings and the ordinance’s purpose.
The ordinance designates the fund as a repository for local housing aid and investment interest already held in a separate account; Amanda reported a current balance in the local housing aid account of $242,600.47. Staff said that having a formal trust fund would also allow the county to apply for competitive state programs. Amanda cited a Minnesota Housing request-for-proposals that would let counties apply to leverage up to $225,000, but noted such state sources are not guaranteed year to year.
Board members asked how the fund would be administered and whether the annual statewide local housing aid would be routed into it. Amanda said Benton Economic Partnership (BEP) would be the nonprofit administrator and that the trust account would be used to make loans or grants under policies and applications to be brought to the board.
With no public commenters signed up, a motion to adopt the ordinance and direct its publication carried. Board members thanked BEP and county staff for preparing the ordinance; BEP will present policy and application details to the board before staff begin issuing loans or grants.
