PRESENTER: Presenter
Jeff Jewell, Economic and Community Development Director
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SUBJECT: Title
Continued discussion on the development of a Workforce Housing Trust Fund
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DEPARTMENT: Economic and Community Development
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COUNCIL DISTRICTS IMPACTED: 1-6
BACKGROUND INFORMATION:
The Workforce Housing Advisory Committee (WHAC) and City Council convened in a joint workshop on November 28, 2022, to discuss recommended actions and next steps to address workforce housing issues in the community. The WHAC’s primary goal of reducing the percentage of cost burdened households in New Braunfels will be pursued through housing preservation and production strategies, as well as through policy measures to achieve this goal.
One of the first strategies recommended in the two-year timeline was the creation of a Housing Incentive Fund (HIF) to provide gap financing assistance for identified projects. Commonly referred to as a Housing Trust Fund (HTF), the fund would leverage dollars with private dollars geared to the production and preservation of housing opportunities for identified target households.
At the regular meeting in July, this Board was provided an initial presentation from representatives of the National Development Council which outlined the purpose, goals, governance, strategies, and potential fund development ideas for a HTF. Additional discussion is required prior to the creation of a HTF.
Initial discussions took place at the August 16, 2023 regular meeting. Due to time constraints, the meeting was adjourned before the Board could identify the target beneficiaries and desired program goals of the proposed HTF. An additional meeting was requested to continue this discussion.