Affordable Housing Trust Fund Committee Meeting - August 7, 2026
Affordable Housing Trust Fund Committee Meeting - August 7, 2026
The Affordable Housing Trust Fund Committee met on August 7, 2026, to review financial reports, approve home repair contracts, discuss a developer application for tax credits, address a delinquent loan, and update program guidelines. The meeting included a financial report showing approximately $47,000 in available cash with a pending $250,000 transfer, approval of four home repair contracts totaling up to $60,814.04, and a pre-approval for future inspections. A major agenda item was the consideration of Echo Housing's 32-unit affordable rental project contingent on tax credit allocation. The committee also debated a 90-day extension for the True Vest loan amid concerns about lack of progress and oversight. Note: The transcript opens with a reference to July 14, 2026, but the provided meeting date is August 7, 2026; this discrepancy has not been resolved.
Consent Calendar
- Approval of minutes from the previous meeting (July 14, 2026) – motion carried.
Discussion Items
- Financial Report: Staff presented the financial report indicating a total available balance of $297,108.16, but only $47,000 is currently in the account, pending a $250,000 transfer expected in about a month and a half. Four home repair contracts on the agenda total approximately $58,000–$59,000, which is already reflected in the balance.
- Echo Housing Developer Application: Eric from Echo Housing and Community Development presented a request for $50,000 in Housing Trust Fund support for a 32-unit affordable rental project at 323 West Michigan Street (formerly 420 Reach Street). The project targets incomes from 19,000 to 75,000 AMI (30%, 50%, 70% AMI) with rents ranging from $510/month for a 1-bedroom at 30% AMI to under $1,700 for a 3-bedroom at 70% AMI. The funding is contingent on receiving Low-Income Housing Tax Credits (LIHTC) in November 2026; draws would not occur until 2027. Committee members expressed support but noted the commitment is contingent on future budget allocations. Motion to approve with contingency on tax credit award passed.
- True Vest Loan Update: Brian Pace, finance officer, reported on an $85,000 loan (later noted $150,000 initial) for three properties. One property has been sold, another has a pending certificate of occupancy (CO) after contractor issues, and a third has not started construction. Loan payments stopped in December 2025. The developer (Ryan Dement) has been given multiple extensions. Committee members expressed frustration over lack of timely updates and oversight. After discussion, a motion was made to grant a 90-day extension contingent on: (1) a representative from True Vest appearing in person at the next three committee meetings (preferably Mr. Dement), (2) obtaining the CO and listing the house for sale, and (3) making continued progress. Motion passed.
- Guidelines Update: Staff Aaron presented major revisions to the Housing Trust Fund guidelines and 22 accompanying documents. Key changes include: added authority references, updated AMI standards to use current HUD figures, a new right of first refusal for the city on affordable properties (Section 12), e-verify requirements for contractors, responsible bidder language, semi-annual borrower certifications (March 1 and January 15), and expanded developer default remedies with cure periods. The committee will receive a redline version for review with a vote expected in August.
- Pre-Approval of Home Repair Inspections: Staff requested pre-approval to conduct inspections on new applications for future home repair projects. Approved.
Key Outcomes
- Approved: Four home repair contracts (316 N. Bell – Titan $22,574.04; 1401 MacArthur Dr. – Ace Construction $10,500 base + $705 option; Spring St. – Ace $14,340; 736 Gum St. – Titan $12,700) for a total not to exceed $60,814.04.
- Approved: Echo Housing developer application for $50,000 contingent on receiving Low-Income Housing Tax Credits.
- Approved: Pre-approval for home repair inspections for new applicants.
- Approved: 90-day extension of the True Vest loan with conditions (in-person attendance, CO, listing).
- Next Steps: Staff to distribute redline guidelines and supporting documents for committee review prior to the next meeting; continue monitoring True Vest progress; proceed with home repair contract execution.
Meeting Transcript
Call the order on the uh July 14th to July 14th of 2026 meeting in the affordable housing trust funded by every committee. I'm adding the chair. I would like to um only or have a role all uh members present starting on my Quintel and Wagner. Gwendolyn Wagner. Corey Kemp. Jamie Howling? James Sutton. More Robin. Next item is approval on the list in the last meeting may not be when it only says that we have any package. I think motion that we extended may have to be 25. Aye. All those opposed. Any extensions? And it's our approved. Next item is this month's financial report. All right. So uh the financial report you guys have in front of you is um accurate. Assuming the uh home repairs today are approved. The four on the agenda today are approved, um, which you'll see on the schedule on the second page. Um the number that everyone is always curious about is the one at the uh very bottom that says a total of 297,000, 10816 is available. Uh that's not entirely accurate right now. We are waiting for uh 250 of that to be moved into the uh grants account, um, which won't happen until the fall. So I don't know how they'll never oh do you okay? Um he is looking on moving now, so I would say probably for the next month or so. Sweet. Uh so the 297 you see there is almost entirely accurate. Assuming we'll have the money in the account next month, we'll be able to spend it. You think within a month, we'll be probably not the next one. A month and a half, a month and a half. Okay, so yeah, in a month and a half, we'll be able to start spending more money. As of right now, we only have about 47,000 in the account. Assuming these these four are approved today. Um the four that are on the agenda about home repairs. Are they a part of an account in more than yeah, those are on the schedule right now? So um it looks like about 50 24, 36 plus 22, so 58, about 58 or 59,000 in home repairs up for approval today. And those are for bids that we just got back. That will go against that 297 total, or is that already been? No, no, no, that's already that's already including that. That's already so moving forward after today's approvals. That's what we'll have. Is that 47 or 297? It's so it's 297, but we don't have 250,000 of it in the account right now. So 250,000, Colby said it's getting moved, but that takes about it takes two city council meetings uh to get moved, and we just had a city council meeting Monday, so uh we won't have another one until two weeks from today. So that will be the first meeting, and then it'll be two weeks after that. So about a month and a half, we'll have that that remaining two fifty. Which which should be fine. We should be able to continue moving forward with home repair projects because it usually takes me a couple weeks to get contracts together, and um, you know, obviously I have to do the inspections with Glenn. Um so altogether it takes me about a month anyway, so it's really not gonna hold us up too much. Are there any questions? Anything else for um no, not that I can think of anybody have any questions for recording of the financial report.
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