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III.2. Local Affordable Housing Aid; NeedhamElverum CITY OF HOPKINS Memorandum To: Honorable Mayor and Council Members Mike Mornson, City Manager From: Revée Needham, Community Development Manager Kersten Elverum, Director of Planning and Development Date: May 21, 2024 Subject: Presentation on Local Affordable Housing Aid _____________________________________________________________________ PURPOSE Staff will provide an overview of the Local Affordable Housing Aid (LAHA) program passed in 2023, as well as an update on housing trust funds and the low-income rental classification program, also known as the 4d program. This item is informational only with no formal action requested, however, staff is looking for guidance on the preferred use of LAHA funds. INFORMATION Affordable Housing Background According to the Department of Housing and Urban Development (HUD), housing is considered affordable when people spend less than 30% of their income on housing costs. Across the nation and Minnesota, the housing production has not met demand, rent prices are climbing, and housing is becoming increasingly unaffordable, particularly for renters. In Hennepin County, 52% of renter households earn less than 60% of area median income (AMI), and of those, 78% are cost-burdened and pay more than 30% of their monthly income on housing. Communities of color are disproportionality impacted by rising housing costs, as households of color are far more likely to be renters than homeowners in the Twin Cities and across Minnesota. In Hopkins, rent prices have risen by 16% from 2010 to 2018 according to the Minnesota Housing Partnership. Affordable housing policies are multi-layered and generally address tenant protections, the preservation of existing affordable units or creation of new affordable housing units. Hennepin County has a visual representation of the varying levels of affordability and affordable housing policies ranging from home ownership to emergency shelter: Planning and Economic Development Affordable Housing in Hopkins Hopkins has a unique housing market and housing stock compared to other cities within Hennepin County. In Hopkins, over 65% of people rent their homes and less than 35% own the home they live in. Much of Hopkins’ housing stock is considered naturally occurring affordable housing (NOAH). NOAH is subject to market conditions and does not have a legal requirement to remain affordable over time. Compared to other cities in Hennepin County, Hopkins has the third largest amount of NOAH units according to the Minnesota Housing Partnership, with approximately 67% of our housing stock being considered NOAH. Approximately 7% of affordable housing in Hopkins is legally binding to remain affordable for a set amount of time. While much of the housing in Hopkins has been affordable, market pressures and the economy can cause housing costs to rise. As Hopkins grows and redevelops, ensuring that affordable housing options continue to be available is a priority of the City Council as documented in Cultivate Hopkins, the City’s comprehensive plan and 2024 City Council goals. The City Council held work sessions on September 13, 2022 and March 14, 2023 to discuss affordable housing. At the March 2023 work session, the Council discussed three affordable housing policy options: inclusionary housing, the low-income rental classification (also known as the 4d program), and affordable housing trust funds. On May 16, 2023 Council passed an inclusionary housing policy. 2023 Legislative Policies The 2023 Legislative session included an unprecedented investment in affordable housing including the creation of a new direct local housing aid. LAHA was funded with a new 0.25% metropolitan area sales tax on retail sales, taking effect October 1, 2023. The sales tax proceeds will be distributed as follows: 25% to metropolitan cities over 10,000 in population, 50% to the seven metropolitan counties, and 25% to state rent assistance. For cities, the funds will be distributed based on the percentage of cost- burdened households in each city. A cost-burdened household is defined as households where gross rent is 30% or more of household income or where homeownership costs are 30% or more of household income. Similarly to the local government aid, the Department of Revenue will distribute the funds in two installments per year, with the first installment to be paid on July 20, 2024. Initial estimates propose that Hopkins will receive approximately $360,000 per year. The actual amount to be received will be posted on July 1, 2024. In the 2024 legislative session, there are two proposed amendments to the LAHA. One amendment is minor and proposes changing the distribution date to once a year on October 1st. The other amendment would require metropolitan cities receiving LAHA to provide an annual report to certify that they are using their local affordable housing aid to supplement, not supplant, their existing locally funded housing expenditures. Both amendments are currently being debated in conference committees and staff will continue to monitor the pending changes. In addition to the LAHA funding, $4.8 million was allocated to the Local Housing Trust Funds Grant Program to encourage local governments to create or fund local housing trust funds. The program uses state funding to match a portion of new housing trust fund dollars to encourage local investment in affordable housing across Minnesota. These funds may come from any source other than the state or federal government. Minnesota Housing released a program guide but is still working on setting up the administration of the grant program. Staff will continue to monitor the program updates and will return to Council when more information is available. Included in the 2023 omnibus tax bill was changes to the low-income housing rental property, 4d(1) tax classification. Under previous law the first $100,000 of value had a class rate of 0.75%, while value above $100,000 had a class rate of 0.25%. The new law makes several changes, including reducing the 0.75% rate on the first $100,000 of value to 0.25%, creating one flat rate on 4d(1) property. This change makes the 4d(1) program more enticing to owners of low-income rental properties. In addition, the changes allow community land trust property that is owned and used as a homestead by the occupant to qualify for the newly established class 4d(2), which is taxed at a 0.75% flat rate and is eligible for the homestead credit refund. An additional $150 million was allocated for down payment assistance for first generation homeowners with the premise of reducing the homeownership disparity gap. The First-Generation Homebuyers Community Down Payment Assistance Fund will be launching soon, and those interested can sign up for updates on the website. Hennepin County also has a downpayment assistance program that is now accepting applications. Additional investments for affordable housing passed during the 2023 legislative session can be viewed in this summary document. LAHA Overview LAHA funds must be used for affordable housing production and preservation. Funds must be spent by December 31st, four years after the funds were distributed. Funds will be considered spent if used on a qualifying project or if the city can demonstrate the inability to spend the funds due to factors outside the control of the city. The program is flexible and qualifying projects include: • Emergency rental assistance for households earning less than 80% of area median income (AMI) as determined by the HUD. • Financial support to nonprofit affordable housing providers in their mission to provide safe, dignified, affordable and supportive housing. • Construction, acquisition, rehabilitation, demolition or removal of structures, construction financing, permanent financing, interest rate reduction, refinancing, and gap financing for: o Homeownership projects, 115% of the greater of state or AMI as determined by HUD. o Rental housing projects, 80% of the greater of state or AMI as determined by HUD. Starting in 2025, cities are required to report annually on the uses for LAHA funds and any unspent funds. A complete overview of LAHA can be found on the Department of Revenue website. A summary of LAHA frequently asked questions is also attached. Hennepin County Hennepin County is estimated to receive $29 million per year in LAHA. The County intends to use funds to meet their existing strategies such as NOAH Preservation, Homeownership Assistance, Emergency Renter Assistance, etc. The County will use the funds to create a new permanent eviction prevention fund, fund the capacity building of affordable housing developers, add to the Human Services budget, and work on increasing affordable housing production. The county’s memo on their implementation plans for LAHA is attached for reference. Staff reached out to neighboring cities within Hennepin County to inquire about their plans for use of LAHA funds. While cities have not yet formally adopted a spending plan, staff indicated that funds would likely be used to supplement their existing programs. LAHA Options for Hopkins Given the flexibility with the funds, Hopkins could use the LAHA for a variety of programs. Below is a non-exhaustive summary of potential options in the areas of protection, preservation, and production of affordable housing. Based on direction from the Council, staff will return with more detailed policy and program options in the future. • Emergency Rent Assistance. Hennepin County and ICA both offer emergency rent assistance programs. Additional assistance could be offered with the use of LAHA funds. It is unclear if a portion of the LAHA funds can be used for navigation, services, and administration related to emergency rent assistance. If these costs are excluded, this could limit this as an option. Staff have received an inquiry from a local nonprofit initially advocated for additional emergency rent assistance. • Financial Support for Nonprofit Housing Providers. Staff have received an inquiry from a local nonprofit supporting the use of LAHA in line with the Hennepin County implementation plan. • Gap Financing for New Construction. The funds could also be used for gap financing for new construction affordable housing projects. Notably, the recent adoption of Hopkins’ Inclusionary Housing Policy could create financing gaps for new construction projects. However, the amount of LAHA funding that Hopkins is anticipated to receive is much less than recent project subsidies given through other means such as tax increment financing. LAHA funds could be saved over a few years to increase the amount of assistance available for one project. • Homeownership Assistance. There are multiple options to support homeownership for Hopkins residents, such as downpayment assistance, home repair assistance, and community land trusts. The state and Hennepin County are both offering new first-generation homeownership downpayment assistance programs this year, which are likely to be popular and fill up quickly. Hennepin County also administers Hopkins’ Community Development Block Grant (CDBG) funds with the Housing Rehab Deferred Loans program. As of 2024, there are 13 people on the waiting list for the rehab loan program. The community land trust model is an option to create and preserve affordable homeownership for families by removing the market value of the land from the mortgage. Homes within Reach, the West Hennepin Affordable Housing Land Trust, operates near Hopkins, but a significant initial subsidy is needed for each home purchase, with per-house subsidies in the Minneapolis land trust now topping more than $200,000. • Rental Rehabilitation. LAHA could be used to fund modest repairs of existing affordable units and maintain affordability through the establishment of a local low-income rental classification program 4d(1) program. As many rental buildings in Hopkins are older, repairs and maintenance are necessary and increasingly cost-prohibitive. Additionally, the funds could be used to assist with the upcoming repairs needed with the maintenance of Dow Towers, such as the sprinkler system. o As mentioned, the rehabilitation of rental units could be tied to the 4d(1) program, a State-wide program that reduces the tax rate on affordable housing. Due to the changes to the tax classification program, the program is receiving more interest and staff have received several inquiries into taking advantage of the program in Hopkins this year. Property owners could reduce their tax burden on rental units from 1.25% to 0.25%, an 80% change, by enrolling in the program. To qualify, at least 20% of units in a building are subject to rent restrictions. If Hopkins established a 4d(1) program, this would decrease the city’s overall tax capacity and slightly shift the tax burden to the other tax classifications. To buffer these impacts, the City could limit the number of 4d(1) units/applications approved over time. Given the housing stock and housing market within Hopkins, staff view the preservation of NOAH as a higher priority than other options, and the 4d(1) program is the most utilized tool for affordable rental housing preservation. However, staff are cognizant of the time and resources required to set up and administer new programs, as well as the overall tax impacts on all properties not eligible for the 4d(1) class rate. Finally, LAHA funding does not cover administrative costs, resulting in a need to reprioritize the work of existing staff. FUTURE ACTION Based on the direction from the Council, staff will work on drafting policy options and return for feedback on the LAHA spending plan. At this time, staff do not anticipate expending the funds before 2025. SUPPORTING INFORMATION • Hyperlink to LAHA Website • LAHA Frequently Asked Questions • Hennepin County LAHA Memo • Hyperlink to March 2023 Council Discussion o Hyperlink to Video • Hyperlink to September 2022 Council Discussion o Hyperlink to Video • Hyperlink to Low-Income Rental Classification Website 1 Local and Statewide Affordable Housing Aid: Frequently Asked Questions In 2023, the Minnesota Legislature authorized aid payments to counties, cities and Tribal Nations. The goal is to fund affordable housing projects and help organizations provide affordable and supportive housing. Local Affordable Housing Aid (LAHA) is aid to metropolitan local governments. LAHA is funded through a new dedicated sales tax in the seven-county metropolitan area. As sales taxes will vary, the amount of LAHA distributed will also vary. Statewide Affordable Housing Aid (SAHA) is funded by state funds appropriated to the Department of Revenue. All Minnesota counties, seven Tribal Nations and 37 cities will receive this aid. Aid payments are made directly to local governments. In the metro, aid is funded by the sales tax for housing. Statewide, aid is funded by state appropriations. Throughout the document, “housing aid” is used when the response applies to both LAHA and SAHA. Note: The information provided in this document does not constitute legal advice and is subject to change. If there are questions regarding how program requirements or criteria apply in specific circumstances, please consult with your own legal counsel. Overview and Requirements Why is there a difference between SAHA and LAHA? The primary differences between LAHA and SAHA are the way they are funded, when funding will be disbursed and to whom. Both aid projects have the same eligible uses and requirements except for market rate housing. This is only available in certain non-metropolitan areas using SAHA. What are the eligible uses of housing aid programs? Qualifying projects are: 2 • Emergency rental assistance for households earning less than 80% of area median income (AMI) as determined by the U.S. Department of Housing and Urban Development (HUD) • Financial support to nonprofit affordable housing providers in their mission to provide safe, dignified, affordable and supportive housing • Development of market rate residential rental properties outside of the metro area if certain conditions are met • Projects designed for the purpose of construction, acquisition, rehabilitation, demolition or removal of existing structures, construction financing, permanent financing, interest rate reduction, refinancing and gap financing of affordable housing For more information, Minnesota Statute has the complete list of LAHA qualifying projects (see subdivision 4) and SAHA qualifying project (see subd. 4). What is gap financing? Gap financing is the difference between the property costs (including acquisition, demolition, rehabilitation and construction) and • The market value of the property upon sale OR • The amount the target household can afford for housing (based on industry standards and practices) What are the affordability requirements of LAHA and SAHA? Specific income requirements are provided for: • Emergency Rental Assistance o Less than 80% of AMI • Homeownership o At or below 115% of the greater of state or area median income o Priority for those at or below 80% • Rental Housing o At or below 80% of the greater of state or area median income o Priority for those at or below 50% State and area median incomes are determined by HUD. While there are no income requirements or income qualification for projects supporting nonprofits, organizations should be providing affordable or supportive housing. 3 Some non-metropolitan communities may be eligible to spend aid on market rate developments. There are no income requirements for market rate housing under this category. Are there other requirements if using these funds? Yes. If LAHA or SAHA is used for new construction or substantial rehabilitation of a building with more than four units, the building must be constructed, converted or otherwise adapted to include accessibility features, such as sensory-accessible (see subd. 4). Documentation will be required for reporting and compliance. State Agency Roles and Reporting Requirements What roles do the Department of Revenue and Minnesota Housing play in distributing and tracking local housing aid? The Department of Revenue calculates and distributes the amount of aid available to each government. Revenue also accepts applications from eligible Tribal Nations. Minnesota Housing’s statutory role relates to reporting and compliance. First reports are due by December 1, 2025. While not required by the legislation, Minnesota Housing is hiring staff to support housing aid programs with technical assistance and coordination. Does a city, county or Tribe need to apply to receive the funds? For cities and counties there is no application process. Revenue will distribute aid according to statutory requirements. Tribal Nations eligible for SAHA must apply to receive funds annually. Tribes should work with Revenue to meet this annual requirement. Does a city, county or Tribe need to seek preapproval before spending the funds? No. Approval is not needed before spending funds. However, funds must be used on qualifying projects and expenditures should be documented to avoid repayment or recapture. Will Minnesota Housing be developing a program guide for housing aid? No. Housing aid is not a grant or loan program and is not subject to a program guide. Minnesota Housing will support housing aid programs through guidance and staff support. 4 What are the reporting requirements for the funds? Beginning in 2025, housing aid recipients must submit a report to Minnesota Housing every year by December 1. The report must include documentation (see subd. 6(b)) of: • Qualifying projects completed or planned with the funds • Location of unspent funds • Inability to spend on a qualifying project prior to the deadline (if funds deposited into a local housing trust fund) • Accessibility requirements (for project of four or more units) • Relevant resolution and certifications for market rate developments in non-metropolitan communities Additional guidance on the report’s format will be provided in the future. Do metropolitan counties need to submit a report for LAHA and one for SAHA? Minnesota Housing is determining if the reports must remain separate. However, if they do, the report format will be the same or substantially similar for LAHA and SAHA. What happens if a city, county or Tribal Nation does not submit a report or does not spend the funds? Reports are due by December 1 every year. The first report is due on December 1, 2025. If the aid recipient fails to submit a report, does not spend funds during the required timeframe, or spends funds on an ineligible project, they must repay the funds. Revenue may also suspend payments to these entities. Find details on LAHA timelines (see subd. 6) and SAHA timelines (see subd. 6). What happens to the aid funds if they are returned or recaptured? If returned, aid funds would be deposited with one or more of Minnesota Housing’s programs. This includes Family Homeless Prevention and Assistance Program (FHPAP), the Economic Development and Housing Challenge Program (Challenge), and the Workforce and Affordable Homeownership Development Program as specified in law. 5 Will Minnesota Housing be monitoring the use of housing aid prior to the reporting deadline for cities and counties? Minnesota Housing will not require reporting prior to December 1, 2025, when the first report is due from cities and counties. However, Minnesota Housing will be checking in with local governments to offer support and track spending progress. Definitions and Clarifications What is a Tier I and a Tier II city? The terms Tier I and Tier II are used to determine cities that will receive aid. A Tier I city is a statutory or home rule charter city that is a city of the first, second or third class. For LAHA, it must be in a metropolitan county. For SAHA, it must not be in a metropolitan county. Read the full definition of cities and classes. A Tier II city is a statutory or home rule charter city that is a city of the fourth class and not located in a metropolitan county (see subd. 4). The bill requires aid be spent on a qualified project. What is the definition of spent? If a project is started but not completed, are the funds considered to be spent? Minnesota Housing is seeking clarification on the definition of spent. Is SAHA funding from appropriations ongoing? The following table reflects amounts appropriated to SAHA through the fiscal year ending in 2027. The appropriations are set at a base level with one-time increases in the first two years. SAHA Appropriations Fiscal Year Ending 6/30/24 FYE 6/30/2025 FYE 6/30/2026 FYE 2027 and each year after To the 87 counties in Minnesota $ 13,050,000 $ 13,050,000 $ 5,550,000 $ 5,550,000 To the 37 cities in Greater Minnesota $ 4,500,000 $ 4,500,000 $ 2,000,000 $ 2,000,000 To the 7 eligible Tribal Nations $ 2,700,000 $ 2,700,000 $ 1,200,000 $ 1,200,000 To Minnesota Housing for the Tier II Cities Grants program $ 2,250,000 $ 2,250,000 $ 1,250,000 $ 1,250,000 6 SAHA Appropriations Fiscal Year Ending 6/30/24 FYE 6/30/2025 FYE 6/30/2026 FYE 2027 and each year after TOTAL $ 22,500,000 $ 22,500,000 $ 10,000,000 $ 10,000,000 How were the funding allocations determined? Revenue determined allocations based on distribution formulas. For counties and cities, these formulas consider cost-burdened households and total population. For Tribal Nations, funds are divided equally between eligible Tribes that apply by the deadline. Will Tier II cities receive a disbursement of SAHA? Tier II cities will not receive a direct disbursement of SAHA. However, the Legislature appropriated $4.5 million for Tier II cities. Funds will be available as grants in the competitive process for a range of rental, homeownership and housing stability activities with a minimum award size of $25,000. Minnesota Housing will be preparing a program guide, a list of eligible Tier II cities and a request for proposals (RFP) in 2024. Qualifying Projects and Expenses What portion of the housing aid funds can be used for staffing costs and administrative costs? Administrative costs and staffing costs are not listed as a qualifying project. Therefore, the funds are not able to be used for these costs. If funds are used for Emergency Rental Assistance (ERA), what portion can be used for navigation, services and administration related to ERA provision and programs? Minnesota Housing is seeking clarification on how funds for ERA can be used. If aid funds are used for demolition or removal of existing structures, does affordable housing need to be constructed on the site? Yes. The expense must be tied to affordable housing for eligible households. Demolition or clearing of land alone, including for speculative or future development of eligible housing, is not a qualifying project. 7 Can funds be used for planning activities (soft costs) for new construction and preservation affordable housing projects? Soft costs are only eligible as part of a qualifying project. General or speculative planning activities unrelated to a qualifying project are not an allowed use of funds. Can funds be used for downpayment assistance for homebuyers? Qualifying projects include homeownership projects for income-eligible households. Downpayment assistance may be provided as permanent financing or gap financing, depending on program requirements established by the aid recipient. Can the housing aid funds immediately be deposited into a Local Housing Trust Fund? Funds can be held in a local housing trust fund while recipients determine if a project qualifies. Funds must be spent on a qualifying project by the deadline in statute. Funds remaining in a local housing trust fund past the deadline will only be considered “spent” on a qualifying project if the aid recipient demonstrates that it could not spend funds by the deadline due to factors outside their control. Can funds be transferred to a county or regional Housing and Redevelopment Authority (HRA) if they are spent on qualifying projects? Yes. Funds can be transferred to a county or regional HRA if they are spent on qualifying projects. The original aid recipient is still responsible for all requirements related to the funds, including reporting. Can funds be used for developing new infrastructure, such as utilities and roads, or upgrading existing infrastructure if the infrastructure serves affordable housing? Potentially. The infrastructure would need to be part of a qualifying project. All requirements related to project type, income affordability and other accessible requirements would also need to be met. Speculative site and infrastructure development would not be eligible. Infrastructure development or improvement for sites that include development uses not allowed under this aid program would not be eligible. What are some examples of expenditures ineligible for housing aid? Housing aid should be used for projects that create and preserve affordable housing or stabilize the housing of low-income people. This does not include: 8 • Shelter and other non-permanent housing options for people experiencing homelessness, including operating costs and services • Conducting a housing or zoning study • Costs to create a Housing Improvement Area • Staff and services related to general housing quality and licensure, such as code enforcement • Staff and administrative costs for operation of an HRA or county or city housing department • Commercial, industrial or public space development projects • Projects located outside of Minnesota If funds are used to support a nonprofit organization, do they need to be tracked to qualifying projects? Housing aid can be used to provide financial support to a nonprofit affordable housing provider in their mission to provide safe, dignified, affordable and supportive housing. If aid is used in this manner, providing support to the eligible nonprofit is the qualifying project. The aid recipient should document that the funds were used to support the organization’s mission. Can a county or city use other state or federal funding as part of a development financing package that includes housing aid funds? Yes. State and federal funding can be used as a part of the project’s development financing package. If the funds are held in a Local Housing Trust Fund, can they be used as a match in Minnesota Housing’s Local Housing Trust Funds Matching Grants program? No. Housing aid cannot be used as matching funds in the Local Housing Trust Fund Grants program. Only new public revenue, defined as local income committed to the Local Housing Trust Fund on or after June 29, 2021, can be used as matching funds. Can a county use its funds within cities that have also received housing aid? Yes. Counties can spend the funds on qualifying projects anywhere in the county, including cities that directly receive aid. Regional collaboration is encouraged to maximize the aid’s impact. A county receiving aid should consult with the cities where projects are planned (see subd. 7). Will the aid funds trigger other state funding requirements, such as prevailing wage? For questions on labor and wage requirements, contact the Department of Labor and Industry. For questions on the use of sales tax proceeds, contact the Department of Revenue. DATE: October 11, 2023 TO: Hennepin County Board of Commissioners FROM: Kevin Dockry, Chief Housing and Economic Development Officer David HewiƩ, Housing Stability Director Julia Welle Ayres, Housing Development and Finance Director SUBJECT: ImplementaƟon plans for Metro Area Sales and Use Tax for Housing proceeds This year, the 93rd Minnesota Legislature approved historic levels of new state funding for housing, including a first-ever tax dedicated to affordable housing. The new 0.25% Metro Area Sales and Use Tax for Housing, established with support from leadership from Hennepin County and other local jurisdic Ɵons, will raise an esƟmated $29 million per year for Hennepin County. While state agencies con Ɵnue to develop required guidelines/regulaƟons for the use of sales tax proceeds, we understand that Commissioners may also be receiving outside inquires. This point-in-Ɵme memo outlines staff’s best understanding of eligible uses for the sales tax proceeds, as well as an implementaƟon plan tailored to leverage Hennepin County’s unique strengths and strategies to address our deepest racial dispariƟes in housing. Background Hennepin County administers over $146 million annually to address the full spectrum of housing needs. In 2020, the county pushed harder on some of these tacƟcs most needed for emergency response: vastly increased emergency rental assistance, property acquisiƟon for emergency and long-term use, and shelter system improvements. In March 2021, staff presented the key tacƟcs and results of this housing strategy. First, to grow our impact on housing dispariƟes, we must minimize the number of people entering homelessness, and maximize the number of people exiƟng homelessness, always in partnership with people with lived experience of homelessness. We minimize entries through emergency rental assistance, homeless diversion, and naviga Ɵon JWA DH and legal support for renters. We maximize exits by lowering barriers and improving services in emergency shelters, providing housing-focused case management, expanding project-based subsidies , implemenƟng the supporƟve housing strategy, and re-introducing single room occupancy (SRO) housing to the market. In 2022, with the appropriaƟon of State and Local Fiscal Recovery Funds from the American Rescue Plan Act, the county was able to allocate $91.35M to housing and homelessness. Once again, these funds were programmed into our exisƟng strategy for greatest impact, namely: homeless case management and employment services, addiƟonal shelter improvements, conƟnued operaƟons of low barrier and 24/7 shelters, evicƟon prevenƟon, SRO conversion, and financing the pandemic-related increases to create affordable housing, preservaƟon of naturally occurring affordable housing, acceleraƟng the producƟon of high-priority affordable housing, and new homeownership opportuniƟes. Hennepin County’s housing strategy focuses on households with the lowest incomes to reduce racial dispariƟes in homelessness and housing cost burden, and to increase access to greater economic opportuniƟes. This includes targeƟng funding to most affordable housing units, as well as creaƟng new financial and development models to fill gaps in the housing con Ɵnuum. This naƟonally recognized strategy has worked for Hennepin County’s residents, and we conƟnually seek opportuniƟes to sustain and grow it. Metro Area Sales and Use Tax for Housing The Metro Area Sales and Use Tax for Housing will be distributed within three pools:  25% to the new state rent assistance program  25% to the metropolitan city porƟon of the new Local Affordable Housing Aid program (distributed by share of cost-burdened households to ciƟes with populaƟons over 10,000)  50% to the metropolitan county porƟon of the new Local Affordable Housing program (distributed by 3% to each of the seven counƟes, plus as a share of cost-burdened households) The 93rd Legislature also approved a Statewide Local Housing Aid program funding through appropriaƟons. Both programs have the same criteria for metro-area jurisdicƟons, and so are treated as a single program for this memo. Funding anƟcipated 2023-2026 Source 2023 2024 2025 2026 Statewide Local Housing Aid $1,721,9441 $3,913,5092 $3,913,509 $1,721,944 Local Affordable Housing Aid $22 million3 $29 million $29 million 1 Amount to be disbursed December 26, 2023 2 Amount yet to be confirmed; half disbursed July 20, 2024, half December 26, 2024 3 Amount to be announced by August 1, 2024, based on revenues collected through June 1, 2024, and disbursed December 26, 2024 Qualifying projects Statute outlined three categories of eligible projects:  Emergency rental assistance <80% AMI  Financial support to nonprofit affordable housing providers in their mission to provide safe, dignified, affordable and supporƟve housing  ConstrucƟon, acquisiƟon, rehabilitaƟon, demoliƟon or removal of exisƟng structures, construcƟon financing, permanent financing, interest rate reducƟon, refinancing, and gap financing of affordable housing (homeownership projects <115% AMI; rental < 80% AMI) In addiƟon, statute defined how funds should be prioriƟzed:  affordability (homeownership <80% AMI, rental < 50% AMI);  reduce dispariƟes in homeownership;  reduce housing cost burden, housing instability, or homelessness;  improve the habitability of homes;  create accessible housing; or  create more energy- or water-efficient homes. Eligibility for our proven strategies Several of Hennepin County’s proven strategies (highlighted in the Background sec Ɵon above) meet qualifying project definiƟons under Local Affordable Housing Aid. Hennepin County’s proven strategies Local Affordable Housing Aid Shelter diversion Financial empowerment 24/7 shelter Case management Employment services Low barrier shelters Project based operaƟng assistance Emergency renter assistance SupporƟve housing capital SupporƟve housing operaƟng Single room occupancy NOAH PreservaƟon Affordable housing accelerator Homeownership assistance ImplementaƟon plan The primary intent of this new funding source is to increase producƟon of affordable housing in the metropolitan area. To do so, staff propose applying new Local Affordable Housing Aid funds to the proven strategies eligible under the statute. This strategy implements our dispariƟes reducƟon framework and goals, and uses the program infrastructure already tested through the pandemic. Since this is a new permanent source, staff recommend a mulƟphase approach to both meet immediate needs, and to pave the way for long-term impact. First, the iniƟal funds to arrive in late 2023 will launch a new permanent evicƟon prevenƟon fund. This will conƟnue the successes of the COVID-era evicƟon prevenƟon, providing assistance at Housing Court where it is needed most. Second, funding will repair and build the capacity of affordable housing developers. We will need a healthy ecosystem of developers and owners to truly expand affordable housing producƟon, but our partners are sƟll struggling to keep exisƟng projects open. Over the pandemic and recession, projects experienced tenants unable to pay rents on top of the increase in operaƟng costs due to inflaƟon and workforce issues. From 2024- 2026, new funding will go to shore-up our developers and owners who have shown a long-term commitment to creaƟng and maintaining affordable housing in Hennepin County, but who are at significant financial risk due to the pandemic. Third, funding will support and augment the Human Services budget to ensure conƟnuity of high-impact programs. Specifically, sales tax funds will support our community partners to deliver the wrap-around services that residents need to be successful in the projects receiving HRA’s SupporƟve Housing capital funds. Staff esƟmate that half of the 1,000 supporƟve housing units we finance from 2020-2030 will require a 15-year service or operaƟng subsidy to cover unique operaƟng and service gaps. StarƟng in 2025, new funding will be provided as up-front capitalized reserves to replace exisƟng property tax commitments. Going forward, future commitments will not require ongoing annual property tax funding for these wrap-around services. Fourth, once developer capacity is restored, we will work toward producƟon (and not stop). Our pandemic recovery funding outcomes demonstrated that we make the biggest impact when developing a healthy pipeline of housing projects, while also providing strategic investments to finish high priority projects quickly. To that end, a porƟon of funds will expand the HRA’s Affordable Housing IncenƟve Fund, and a porƟon will resume the pandemic era “Affordable Housing Accelerator” fund that provided higher funding amou nts to projects meeƟng key county prioriƟes. And finally, modest appropriaƟons starƟng in 2026 will advance disparity reducƟon and climate impacts in homeownership creaƟon and preservaƟon. ImplementaƟon years 2024 2025 2026 2027 2028 Emergency rental assistance $$ $$ $$ $$ $$ Affordable rental housing: repair + grow capacity $$$ $$$ $$$ SupporƟve housing operaƟng $$$$ $$$ $$ $$ Affordable rental housing: increase and accelerate producƟon $$$ $$$$$ $$$$$ Homeownership opportuniƟes $ $ $ Homeownership preservaƟon $ $ $ Once normalized, staff projects the following impacts: Projected resident impacts by 2026 Program Implementation Annual funding Annual impact Emergency rental assistance $6000/household; 100% <30% AMI; $500K admin $5,000,000 (operating) 750 households ImplementaƟon phases New permanent evicƟon prevenƟon funding Build developer capacity Support / augment HHS budget Expand producƟon Affordable rental housing pipeline Gap deferred financing for capital costs of creating/ preserving long-term affordable units; 25% < 30% AMI; $200K admin $5,000,000 270 units Affordable rental housing accelerator Deferred financing for capital costs of creating/ preserving high-impact long-term affordable units; 50% units < 30% AMI; $200K admin $11,250,000 90 units Supportive housing operating Capitalized reserves for unique services and operating costs for supportive housing projects; 100% < 30% AMI; $200K admin $3,750,000 50 units Homeownership opportunities Deferred financing for capital costs of building long-term affordable homes; 100% <80% AMI; $200K admin $2,000,000 60 units Homeownership preservation Leverage other funding sources for low-barrier climate resiliency and home health and safety improvements; 100% <60% AMI; $40K admin $500,000 24 units Total $32,000,000 1,244 households/units This implementaƟon plan will be advanced for Board affirmaƟon at an upcoming meeƟng. Please do not hesitate to contact David, Julia, or Kevin with any quesƟons. Thank you. Cc: David Hough, County Administrator Dave Lawless, Chief Financial Officer Kareem Murphy, Intergovernmental RelaƟons Director