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Council and DHCA discuss future pacing of nonprofit preservation fund as initial seed is dispersed
Summary
Committee members and DHCA staff discussed the $50 million nonprofit preservation fund, noting seed funding has been committed and that loan‑repayment proceeds will drive future activity; members asked staff to review nonprofit definitions and pipeline timing.
Council staff and DHCA told the committee that the initial $50,000,000 seed for the Nonprofit Preservation Fund has been committed or spent through FY26 and that future activity will rely on loan‑repayment proceeds. Committee members raised questions about the definition of "nonprofit" and how transactions controlled by nonprofits are structured, and asked DHCA to consider minor PDF (procedural/wording) changes to clarify eligibility.
"Those dollars have been either committed or dispersed or will be by end of FY26," Mr. Mia said. Committee members noted there could be pauses in loan activity if repayment proceeds are small in coming years, and DHCA said it would continue to provide pipeline reports and work with council staff to clarify any practical issues before final budget decisions.
