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CEDA outlines Small Cities grants, newsletter and potential twin‑home project for Keen Bank lot
Summary
CEDA representative Dave Schmidt briefed the council on a planned resident newsletter and described Small Cities housing programs (owner-occupied grants up to $25,000 and commercial loans up to $40,000); EDA is exploring twin homes for the Keen Bank lot and contacting local builders.
Dave Schmidt, the city's CEDA representative, told the council the organization plans a monthly newsletter distributed through an opt-in app and a barcode sign-up system to reach residents. Schmidt said the goal is a first mailing in May and he will provide a signup link for city distribution.
Schmidt described Small Cities residential funding: owner-occupied rehabilitation funds up to $25,000 that are 90% forgivable with a 10% owner match; the match may be waived for households under 50% of county AMI, making the grant effectively 100% forgivable; 10% of the loan is forgiven each year and funds returned to the city for its EDA revolving loan account if a property is sold before the loan term ends. He also described a commercial loan program up to $40,000 that can be 70% forgivable with a 20% owner match. Schmidt said state contractor approval requirements have limited program uptake and that the EDA is pursuing potential twin homes on the Keen Bank lot with Southern Minnesota Housing Partnership and outreach to Miller Homes and other local builders.
