Agenda Item Title:
Authorize Mayor and Finance Director to Sign Agreement with Rapid City Strategic Housing Trust Fund/Black Hills Area Community Foundation to Outline the Conditions and Requirements Regarding an Award of Vision Funds in the Amount of $5 Million Dollars
Origination Group:
Legal & Finance Committee
Origination Meeting Date:
04/13/2022
City Council Hearing Date:
04/18/2022
Staff Contact:
Justin Williams, Assistant City Attorney
Agenda Item Summary:
Council approved an award of Vision Funds in the amount of $5 million on January 10, 2022 to Black Hills Area Community Foundation to be used to support local community housing needs primarily through no-low interest loans and loan guarantees. The funds will be used to meet, in part, the housing needs of middle and lower income households in Rapid City, with a focus primarily on assisting the rental housing market with particular emphasis on multi-family rental housing.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
| Vision Fund | |
Recommendations:
Origination Recommendation Action:
Approve