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City outlines spending from Affordable Housing Trust Fund, rental assistance caseload near 230 households
Summary
Community development staff reported roughly $1 million in FY25 revenue and a trust fund balance just under $800,000; the rental assistance program serves about 230 households (most under 80% AMI) and staff noted likely annual rental-assistance expenditures near $1 million if the current caseload continues.
Community development staff presented a revenue-and-expenditure update for the Affordable Housing Trust Fund and a snapshot of the city’s rental assistance and homebuilding activities. Staff said most revenue comes from the dedicated millage commitment—"dollars 750,000 a year"—and that total revenues for recent fiscal periods have been about $1,000,000 in FY25 with total fund balances just under $800,000. Staff reviewed recent commitments to Horizon Apartments and other multifamily projects and described an ongoing rental assistance program serving roughly 230 households; staff observed the majority of recipients are below 80% AMI and many are single-parent households.
Explaining the revenue mix, the community development director said, “Most of that comes from the, commitment for the millage rate, dollars 750,000 a year.” Staff noted they may spend close to $1,000,000 annually on rental assistance at the current caseload and discussed program design options including tying assistance to education or financial-literacy offerings and considering special approaches for elderly recipients who will likely not see income increases. The council asked for additional details on infill lots, equity recapture in affordable-home sales, and how multifamily applicant affordability periods are verified; staff said land-use restriction agreements and tax-credit requirements are primary tools to secure affordability periods.
