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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 />8.1 <br /> <br />Meeting Date <br />October 7, 2024 <br />Prepared By <br />Brent O'Neil, Economic Development Director <br /> <br />Item Description <br />Statewide 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 adopted a new program to support housing throughout the state by providing <br />funding to local communities. Elk River received an allocation of $95,000 in 2023 and will receive a similar <br />allocation in 2024. Thereafter, the annual allocation is projected at $42,000. Additionally, Sherburne County <br />has received funds and there may be opportunities to partner with the county on joint efforts in Elk River. <br /> <br />The City Council has designated the HRA to be responsible for developing programs to utilize these funds, <br />which must be spent within four years of receipt or be subject to recapture. Program guidelines are attached. <br />Staff would like to discuss some ideas with the board and receive feedback ahead of drafting a program for <br />consideration. <br /> <br />Financial Impact <br />N/A <br /> <br />Mission/Policy/Goal <br />Help citizen quality of life <br /> <br />Attachments <br />1. State FAQ Sheet <br /> <br /> <br />Page 34 of 43