Cities can help the League and others better advocate for state resources by completing a short survey on local housing trust funds.
Local housing trust funds are being considered and implemented successfully by cities across the state to address locally identified housing needs. The League and other housing stakeholders are asking cities to take a short survey by Jan. 29 about what cities need from the state to support these trust funds.
Benefits of local housing trust funds
Local housing trust funds are established via an official action by local government to dedicate local public resources for grants and loans for the development, rehabilitation, or financing of housing.
Money from local housing trust funds can also be used to provide down payment assistance, rental assistance, and homebuyer counseling services. This flexible and consistent resource can help leverage public and private investment to spur the development and preservation of affordable housing.
LMC advocating for state support
The League continues to support state matching funds to bolster current local housing trust funds and help spur the creation of more trust funds across the state. Now more than ever, cities need additional flexible resources to address unique housing needs of their communities.
State resources to support local tools that address housing needs will likely be discussed during the 2021 legislative session. Please take the survey, developed by the Minnesota Housing Partnership (MHP), to help inform efforts to secure state matching resources for cities that establish local housing trust funds. The deadline to take the survey is Jan. 29.