Quarterly report: Barnes Fund shows $191M awarded and 6,500 units produced to date

Barnes Fund staff presented the commission’s April quarterly progress metrics, showing cumulative program results as the commission continues to manage contracts and disbursements.

Jamie, speaking for Barnes Fund staff, told commissioners the fund has awarded about $191,000,000 so far and expended roughly $120,000,000. "So far, we've expended 120,000,000 that has produced over 6,500 units with 131 contracts," Jamie said, adding that 83 contracts are complete and 48 remain open. Staff noted 16 open contracts have zero draws and offered to provide the data table so commissioners have a record beyond on-screen pictures.

The report also showed leveraged funds of approximately $1,600,000,000 and approximately 1,029 leveraged units, a metric staff uses to capture mixed-income or non-Barnes-unit additions a project produces. Commissioners asked for clarifications and for the report to display effective contract dates, correct address references and to consider alternative labels for "leveraged units" to improve public clarity. Staff said the new template will be adopted starting in June and that dashboard enhancements are in progress to present totals and to make unit-status (in progress, built, occupied) more visible to the public.

Commissioners and staff discussed how expired contracts, deobligations, and completed projects that used less than award amounts return funds to the balance and how staff handles regranting those amounts. Staff said deobligated funds return to the Barnes Fund balance and may be used in future funding rounds.

The presentation was followed by commission approval of the revised quarterly template, with staff tasked to implement requested label and layout adjustments before the next reporting cycle.