RDA discusses revolving loans, grants as revenue from city payments winds down

Administrator Wendy told the Redevelopment Agency that the RDA will receive its last scheduled city payment of $60,000 in January 2026 and warned there will be no guaranteed revenue stream after that date. She urged the board to begin thinking about how to sustain funding for housing and other redevelopment projects going forward.

Wendy outlined a range of potential approaches: pursuing grants, establishing a low-interest revolving loan program with a partial forgivable portion, or setting up passthrough arrangements to leverage other funding sources such as TID affordable housing funds. "...after January of next year, you'll receive the last payment from the city from your last agreement of 60,000. And then after that, there is really no guaranteed revenue in future years to support the HIP program or requests like this," Wendy said.

Board members noted tradeoffs. One member warned that administering small loans can be time-consuming and costly for staff and preferred grant or larger-project strategies. Another suggested the RDA consider peer outreach and a housing summit to learn how other RDAs raise funds and operate revolving programs. "We're working on a housing summit ... having someone come from outside who works with RDAs and give more information on how they are proactive and how they raise their funds," a member said.

No formal action was taken. Wendy said she would gather additional information on successful programs, grant opportunities and administration requirements and return with more concrete options for the board to consider at a future meeting.