2015-08-18_HRA_Agenda_Packet - Laserfiche WebLink

Home

10d. Minnesota Housing's Challenge Fund: The Right Fit for Workforce Housing The Challenge Fund is: flexible, proven, affordable and feasible. • Flexible — Since 1999, the flexibility of Challenge Fund has helped us meet the variety of workforce housing needs across the state. In the last biennium it supported a wide variety of developments including: • mixed income new construction in Roseau, • land trust developments in Worthington and Jackson, • single family ownership in Thief River Falls, and • large family units in Austin. Minnesota's Growing Workforce Communities � Each of these developments meets � a locally identified need and has a 'j� ��r s connection to thousands of jobs and `� `�:;�.�;::' strong support of local communities .�-, and employers. • Proven — The Challenge Fund can quickly allocate funding to provide diverse housing solutions across the state without creating a new program. The first Governor's Housing and Job Growth Initiative utilized the Challenge Fund and awarded $10 million over the last two years (60% to Greater Minnesota and 40% to Metro developments) to ensure that job growth is not hindered by a lack of housing. The initiative is leveraging employer contributions, philanthropic dollars, and direct investment from local communities around the state. i'��bl�vr, 1L �'�ii�s �I a�a�•r v.ill� a=G �.�+,�t1`i }-1.�11� �obS �• v Y+,�thin 14� �1�� L�n� ��mmuk� '�� ,��nir� r.�:f: �fr �: � � f w • ,�� „+�;. •�� . �. .. . .. � f �� w e �� . � . ��r F �'.. ,f � d fa�� �# �. .� �;�cf� '��'�.. � �� �� r � . . —.. �� � � �:,'� s � y �r r ��+ � , . ��.�, , y `��r; �� � • Affordable - 95/0 of all jobs in each of the 77 workforce housing communities identified on this map meet the income threshold for the Challenge Fund. Using this resource ensures the housing development is affordable to the local workforce for many years to come. • Feasible —The Challenge Fund would help fix the housing problem. It leverages other resources and incents employers and local government contributions to make the per unit cost reasonable and it doesn't restrict access to other sources of financing. Map Source: Minnesota Housing analysis of MN Department of Employment and Economic Developments Quarterly Census of Employment and Wages and US Census Local Employment Dynamics data. Job growth is a measure of change in total jobs between 2008 and 2013. Job growth communities a community must have 2,000 or more jobs in 2013 and have grown by 100 jobs in the five year period. Long commute communities have greater than 15% of the workforce traveling 30+ miles to work.