07-21-2020 EDC Meeting Minutes - Laserfiche WebLink

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EDC Minutes July 21, 2020 Page 2 of 6 ----------------------------- 4.1. Workforce Housina Studv and Needs Analvsis Presentation Mr. Schommer presented the study. He stating the HRA hired Redevelopment Resources to conduct the study and assembled a task force with community leaders. The study was completed in February 2020 and presented in March 2020. The Workforce House Study included: • A thorough review of the county-wide housing market, with special emphasis on middle-income or workforce housing • Describes the current state of housing, projects future housing needs, analyzes supply versus demand, and also provides recommendations to improve availability and housing choice • Results offer a basis for formulating community-specific workforce housing priorities, policy alternatives, and strategies • The study recommends that City leaders should work to create opportunities for affordable workforce housing development within their communities; Crow Wing County HRA can serve as a facilitator to host conversations with leaders to discuss possible solutions • The final study can be found on the Brainerd HRA webpage at www.brainerdhra.orq Commissioner Reick inquired about the median income of$20,000 to $50,000 in the study, is this a couple per household? Mr. Schommer stated that the HRA uses the HUD definition which is a four(4) person household with finro (2)wage earners. Mr. Burslie inquired why the study used a 2,800 square foot home for the construction cost example. Mr. Schommer stated that was just the size that was used in the research for data compilation. 4.2. Residential Financial Assistance Programs in CWC Mr. Schommer presented the Crow Wing County Housing Trust: Workforce Housing Assistance Program: • Designed to promote home ownership in CWC • HRA will match employer contributions up to $5,000 towards down payment or closing costs for purchase of a home • Low interest(equal to current US Federal Prime Rate) 5-year loan Homebuyer Assistance Program: • Designed to assist very low, low& moderate income families with the purchase of a home • HRA will lend up to $20,000 at zero interest that must be paid back upon sale, transfer, or no longer being their primary residence or expiration of the 30-year term Rehab Assistance Program: