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The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community <br />engagement that encourages and inspires prosperity <br /> <br /> <br />Request for Action <br /> <br />To <br />Housing and Redevelopment Authority <br />Item Number <br />6.3 <br /> <br />Meeting Date <br />May 6, 2024 <br />Prepared By <br />Brent O'Neil, Economic Development Director <br /> <br />Item Description <br />State Affordable Housing Aid <br />Reviewed by: <br />Cal Portner <br /> <br />Action Requested <br />Item presented for information and discussion purposes. <br /> <br />Background/Discussion <br />In 2023 the state legislature commenced a program providing funds to communities to support affordable <br />housing initiatives. The City of Elk River received $94,063 at the end of 2023 and will receive the same <br />amount in 2024 to use on these initiatives. <br /> <br />As this program aligns well with the duties and mission of the HRA, the City Council has asked the HRA to <br />lead the development of parameters to implement programs for the use of the funds. Staff will give an <br />introduction to the program and initiate a process to coordinate program development with the HRA. <br /> <br />Financial Impact <br />N/A <br /> <br />Mission/Policy/Goal <br />Support adequate housing suply in Elk River. <br /> <br />Attachments <br />1. FAQs Statewide Affordable Housing Aid <br /> <br /> <br />Page 16 of 27