Pursuant to M.S. § 462C.16, Subd. 4, and as determined by the City Council, the Local Housing Trust Fund may be funded from multiple sources, which may include, but are not limited to the following:
(A) Budgeted allocation of funds from the city’s Economic Development Authority (EDA) or Housing and Redevelopment Authority levy as approved by the Economic Development Authority and the City Council.
(B) Private cash donations from individuals, organizations, and businesses designated for the Local Housing Trust Fund.
(C) Grants and loans from a federal, state, or local government or other private sources.
(D) Bond proceeds.
(E) Payments in lieu of participation in current or future affordable housing programs.
(F) Matching funds from a federal or state Local Housing Trust Fund; or a state program designated to fund a Local Housing Trust Fund.
(G) Principal and interest from Local Housing Trust Fund loan repayments and all other income from Local Housing Trust Fund activities, including but not limited to investment earnings.
(H) The sale of real and personal property as approved and as designated by the City Council.
(I) Local government appropriations, development fees and other funds as designated from time to time by the City Council.
(J) Tax Increment Finance (TIF) pooled funds.
(K) Other sources of funding approved by the City Council.
(Ord. 2024-1300, passed 4-22-24)