City of Duluth Announces Proposed Housing Trust Fund
DULUTH, Minn. — “It was supported by a group of housing experts. Some of whom you will hear from today as well,” Duluth Mayor Emily Larson says.
Mayor Larson first spoke about the housing trust fund in her state of the city address proposing the investment of two million dollars to the fund courtesy of the community investment trust.
“After more fully reviewing and understanding our overall housing needs. I’ve decided to increase the request of transfer from CIT from the originally proposed two million dollars and doubling that to four million dollars,” Larson says.
An additional two million dollars will be funded by the Duluth non-profit Local Initiatives Support Corporation… aiding the fund with two programs: an infill development program and a comprehensive rehab and conversion program.
“The comprehensive rehab and conversion program will provide low and no interest construction loans for projects needing substantial rehab for which existing limitations of HRA rehab programs prohibit complete renovation,” Larson says.
Building upon existing investments already in progress.
“So if there are existing apartment units throughout the city that need some love. And in this case, love is probably like new windows, new roof maybe a whole makeover this program can help,” City of Duluth Senior Housing Developer, Jason Hale says.
A third fund will be added in addition to the programs called the flexible multifamily fund… to help fill gaps in large-scale multi-family affordable projects.
“The capital stacks and funding sources from those can be numerous. And so this program is intended to be flexible and adapt those those those types of programs and projects we already have going throughout the city,” Hale says.
Plans for the fund will go before the city council on Monday in the form of an ordinance.