Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Rapid City trust fund officials say $5 million Vision Fund allocation has leveraged $11 million for affordable housing
Summary
Presenters told the Legal & Finance Committee the city’s $5 million Vision Fund allocation to a Strategic Housing Trust Fund has leveraged private matches and loans to create or support several below-market rental projects, producing hundreds of units and a revolving loan pool.
Chris Huber, CEO of the Black Hills Area Community Foundation, and Greg Litton, the foundation’s director of strategic housing, told the Rapid City Legal and Finance Committee on July 31 that a $5,000,000 allocation from the city’s Vision Fund has been deployed through the foundation’s Strategic Housing Trust Fund to catalyze affordable rental housing.
“The Strategic Housing Trust Fund is held at the Black Hills Area Community Foundation and administered by our team,” Huber said, describing the fund as a revolving source of low-interest loans or occasional grants to support below-market-rate multifamily development. Huber said the $5,000,000 city allocation matched a $5,000,000…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
