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AGENDA RECOMMENDATION |
Item No: 4.C.
Economic Development Authority
- Meeting Date:
- 02/10/2025
Agenda Item:
Motion recommending use of project-based Housing Choice Vouchers for the MAC-V Radichel Veteran Townhomes.
Recommendation/Action(s):
Motion to approve.
Summary:
The Minnesota Assistance Council for Veterans (MAC-V) received notice that the Radichel Veteran Townhomes will not receive renewal funding for rental assistance through the Regional River Valleys Continuum of Care 2024 funding request to the US Department of Housing and Urban Development. MAC-V is requesting the use of Project-Based vouchers (PBV) for the eleven (11) units at the Radichel Veteran Townhomes to prevent the loss of housing subsidies for these veterans.
The Section 8 Housing Choice Voucher (HCV) Program provides rental assistance throughout Blue Earth County. The HCV program can project-based vouchers (PBV) with HUD approval, using up to 20 percent of its authorized units. The PBV are attached to specific units rather than using them for tenant-based rent assistance. The EDA may PBV to deconcentrate poverty and expand housing and economic opportunities. Currently, the EDA has used PBV for 48 of its allocated 115 PBV to expand affordable housing leveraging Low Income Housing Tax Credit projects at Dublin Crossing, Dublin Heights, Rosa Place I & II, Sinclair Flats, and in coming months at Lewis Lofts.
MAC-V’s request for PBV at the Radichel Veteran Townhomes can provide long-term affordable housing assistance which, in the past, has had to be renewed each year. The assistance has flexibility and benefits for renters. The assistance can be transferred with a renter when they move as part of the HCV program, ongoing attrition, as well as remaining project-based in the unit for the next household. It also provides additional benefits for the renter with access to self-sufficiency and homeownership programs.
The recommended action is a motion to approve eleven (11) HCV Project-Based Vouchers to replace the lost rental assistance at the MAC-V Radichel Veteran Townhomes.
The Section 8 Housing Choice Voucher (HCV) Program provides rental assistance throughout Blue Earth County. The HCV program can project-based vouchers (PBV) with HUD approval, using up to 20 percent of its authorized units. The PBV are attached to specific units rather than using them for tenant-based rent assistance. The EDA may PBV to deconcentrate poverty and expand housing and economic opportunities. Currently, the EDA has used PBV for 48 of its allocated 115 PBV to expand affordable housing leveraging Low Income Housing Tax Credit projects at Dublin Crossing, Dublin Heights, Rosa Place I & II, Sinclair Flats, and in coming months at Lewis Lofts.
MAC-V’s request for PBV at the Radichel Veteran Townhomes can provide long-term affordable housing assistance which, in the past, has had to be renewed each year. The assistance has flexibility and benefits for renters. The assistance can be transferred with a renter when they move as part of the HCV program, ongoing attrition, as well as remaining project-based in the unit for the next household. It also provides additional benefits for the renter with access to self-sufficiency and homeownership programs.
The recommended action is a motion to approve eleven (11) HCV Project-Based Vouchers to replace the lost rental assistance at the MAC-V Radichel Veteran Townhomes.