The board’s primary focus was the impact of recent funding adjustments. The allocation from free cash to the Affordable Housing Trust Fund was decreased from 10% to 5%, resulting in an anticipated future allocation of around $220,000. This adjustment, confirmed by the city’s audit office, prompted board members to consider how the reduction might affect funding for ongoing and future projects. This decrease comes amid increasing demands on various city trust funds, highlighting the need for strategic financial planning.

In seeking additional funding, the fundraising subcommittee reported efforts to secure partnerships with local banks. They narrowed down a list from 40 to seven banks with a history of supporting housing initiatives. However, a significant obstacle was identified: the board’s inability to apply for many fundraising opportunities without partnering with a 501c3 organization, a status the board cannot claim as a city agency. This led to a shift in focus toward collaborating with local nonprofits to meet eligibility requirements. The board also considered suggestions to engage with local realtor associations, which might provide grants through their foundations.

Another priority was the update on the first-time home buyer down payment assistance program. Since the program’s inception, it has received 25 applications, with one fully awarded and five conditionally approved pending documentation. The board discussed the program’s funding pool of $125,000, which currently supports six grants, and floated the idea of increasing the funding to $130,000 to allow for a total of 13 awards. The board emphasized the importance of promoting the program, noting that it remains open with no application deadline as long as funds are available.

The meeting also covered updates on tax title properties recently transferred to the trust fund by the city council. One particular property on Hitchborn Street was deemed unbuildable due to its size and existing underground easements. The decision was supported by both the city engineer and the ward counselor. The board plans to work with an on-call realtor to market these properties and solicit proposals, with further discussions expected on the criteria and objectives for the requests for proposals.

In addition to these discussions, the home ownership subcommittee reported on their continued efforts to refine the down payment assistance program and other initiatives. They acknowledged areas for improvement in the application process and the need for city council approval of an ordinance related to the RDU conversion program. The subcommittee also completed market research on potential condo conversion projects, revealing financial barriers due to high costs. They estimated that incentivizing developers to sell a unit as deed-restricted affordable housing would require approximately $108,000 per unit.

The board also briefly discussed the city’s ongoing adjustments to new regulations concerning accessory dwelling units (ADUs). These changes require alignment with local zoning laws, and city officials are working with the city council to ensure that any proposed ADU projects can be effectively planned and implemented in compliance with state guidance.