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Housing Trust Fund seeded with $600,000 now down to roughly $200,000, staff says
Summary
Staff said the trust fund began with about $600,000 from a displacement/inclusionary grant and has been spending down; current balance was described as about $150K earlier and updated to roughly $200K, with anticipated city revenues underperforming.
Staff member gave the committee an overview of the Housing Trust Fund’s finances, saying the fund started with seed money from an inclusionary/displacement grant and has been drawn down over time. "We had seed funds of about 600,000 for the trust fund," the staff member said, and later described the current balance as "a little more, like about 200,000 left."
She told members the committee’s role is to draft the budget and recommend funding priorities to the Hudson Community Development Planning Agency, which formally approves expenditures. Members discussed that expected revenue sources such as cannabis and short‑term rental taxes did not deliver as anticipated and that city contributions declined sharply year‑over‑year. The committee was asked to consider long‑term funding strategies and to draft a budget in July to send to the city and HCPA in September.
