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AGENDA RECOMMENDATION |
Consent Calendar 5.I.
City Council Regular Meeting
- Meeting Date:
- 12/09/2024
Agenda Item:
Resolution approving the Affordable Housing Trust Fund Memorandum of Understanding with Blue Earth County.
Recommendation/Action(s):
Adoption of the attached resolution.
Summary:
The City of Mankato identified the need to establish a local Housing Trust Fund during the development of the Affordable Housing Action Plan and established an ordinance for the Affordable Housing Trust Fund on August 26, 2024. The City began the Affordable Housing Trust Fund using SAHA funding received and can leverage other EDA general funds to seek state matching dollars to expand the LHTF.
This ordinance sets the purpose and intent of the LHTF to encourage the creation of affordable housing for renters and homeowners, promote the preservation of affordable housing resources, prevent and end homelessness, and provide rental assistance. Other ordinance components include a description of funding sources, a determination of funding use, and the distribution of funds.
Mankato and Blue Earth County desire to cooperatively establish goals, policies and programs for affordable housing in Blue Earth County. A Memorandum of Understanding (MOU) was developed to collaboratively focus attention on affordable housing issues, encourage sharing of information on successful policies and programs, and provide joint planning for a consistent approach that will help attract public and private resources for developing affordable housing.
The purpose of the MOU is to establish and formalize a framework for collaboration and coordination to improve efficiency and outcomes related to affordable housing in Blue Earth County. The MOU established a housing trust fund account, to be maintained by the Mankato EDA. All funds received by Mankato and Blue Earth County on behalf of the trust fund shall be deposited in the trust fund account. It lays out the shared decision-making between both EDAs and the work of the advisory committee. The advisory committee will develop an annual action plan. It will review and recommend to the EDAs loans and grants to create, acquire, rehabilitate affordable housing as well as prevent and end homelessness.
The requested action is a motion to approve the Memorandum of Understanding between the City of Mankato and Blue Earth County for the administration of the Affordable Housing Trust Fund.
This ordinance sets the purpose and intent of the LHTF to encourage the creation of affordable housing for renters and homeowners, promote the preservation of affordable housing resources, prevent and end homelessness, and provide rental assistance. Other ordinance components include a description of funding sources, a determination of funding use, and the distribution of funds.
Mankato and Blue Earth County desire to cooperatively establish goals, policies and programs for affordable housing in Blue Earth County. A Memorandum of Understanding (MOU) was developed to collaboratively focus attention on affordable housing issues, encourage sharing of information on successful policies and programs, and provide joint planning for a consistent approach that will help attract public and private resources for developing affordable housing.
The purpose of the MOU is to establish and formalize a framework for collaboration and coordination to improve efficiency and outcomes related to affordable housing in Blue Earth County. The MOU established a housing trust fund account, to be maintained by the Mankato EDA. All funds received by Mankato and Blue Earth County on behalf of the trust fund shall be deposited in the trust fund account. It lays out the shared decision-making between both EDAs and the work of the advisory committee. The advisory committee will develop an annual action plan. It will review and recommend to the EDAs loans and grants to create, acquire, rehabilitate affordable housing as well as prevent and end homelessness.
The requested action is a motion to approve the Memorandum of Understanding between the City of Mankato and Blue Earth County for the administration of the Affordable Housing Trust Fund.