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HRA fund balance, student-built housing noted in levy discussion
Summary
Finance staff reported HRA fund balances have increased and that student-built housing is HRA's major activity; council members cautioned against reducing HRA or EDA resources that support opportunistic purchases and projects.
Winnick summarized the Housing Redevelopment Authority’s finances and identified the student-built housing program as a primary HRA activity that has not required large cash outlays in recent years. He said HRA fund balance and cash have increased since 2023, and staff suggested the small HRA levy increase (about $11,000) might be unnecessary or could be reduced.
Council members responded that retaining HRA and EDA dollars preserves the city’s ability to act on opportunities such as purchasing property for future housing projects. One council member said, “I would like to see that those dollars stay there, and to keep those dollars and not reduce it for 2027,” pointing to the risk of missing opportunistic acquisitions if balances are drawn down. Staff agreed to keep HRA and EDA discussions in view and to present options before making final levy moves.
