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Blue Earth County EDA backs community land trust support and accepts 25 Bridges vouchers
Summary
The countys Economic Development Authority voted to support Phase 5 of the Partnership Community Land Trust in Mankato and approved participation in a 25-voucher Bridges program award; the board also appointed a new member to the Affordable Housing Trust Fund advisory committee.
The Blue Earth County Economic Development Authority on June 10 approved a partnership agreement to support Phase 5 of the Partnership Community Land Trust in the city of Mankato and authorized related funding.
Nancy (EDA staff) introduced Jen Theaneman of the Southwest Minnesota Housing Partnership, who said the request covers 10 homes in Mankato targeted at households at 80% area median income or less. Theaneman described a financing package that layers Minnesota Housing funds, federal New Markets Tax Credits, city funds, philanthropy from the Target Foundation and the Auto Brummer Trust to reduce construction costs and make homeownership attainable.
Theaneman said the request to the EDA was for $250,000 (roughly $25,000 per home), and staff told the board the EDA had set-aside funds in the housing trust to consider a $150,000 contribution after a match was confirmed from Minnesota Housing.
—This is just for 10 homes in the city of Mankato,— Theaneman said. Board members moved and approved the partnership agreement by voice vote.
The EDA also approved entering a grant agreement to accept 25 Bridges program vouchers totaling $437,801 over two years; staff said the vouchers will provide rental assistance and that the South Central Community Based Mental Health Initiative will provide supportive services under a cooperative agreement.
In separate action, the board appointed Corey Merle (Pioneer Bank) to the Affordable Housing Trust Fund advisory committee to fill a vacancy created when Christy Wilkie (Mayo Foundation) stepped down.
Why this matters: The actions put local funding and administrative support behind a small, targeted homeownership project and add rental assistance capacity in the region. The countys use of housing trust funds and coordination with state and philanthropic partners aim to lower upfront costs for participating households.
What comes next: Staff will implement the grant agreements, move forward on the Community Land Trust paperwork and integrate the new advisory board member into the trust fund committee.
