RAPID CITY, S.D. – The Rapid City Common Council’s Legal and Finance Committee licensed the Mayor and the Finance Director to signal a housing-related Vision Fund grant.
The Black Hills Area Community Foundation will now obtain $5,000,000 to determine work-force housing.
The cash will go into the Rapid City Strategic Housing Trust as a revolving fund.
City officers retain the power to take motion if the funds aren’t used appropriately, and may request updates on using the cash when desired.
“The preliminary funding of the 5 million {dollars} is supposed in order that it is going to be a revolving fund, with the curiosity on the fund and issues like that can assist refund it, and the settlement itself doesn’t have an expiration date.”
The councilmembers in attendance voted unanimously on the agenda merchandise, with Alderman Jason Salamun among the many votes.
“It’s seed cash, and hopefully we is not going to have to offer any additional investments. And so if now we have updates occasionally, to say ‘ right here’s the success of this system and the way this fund is rising’ in order that we are able to meet these challenges that all of us really feel. We all really feel the housing crunch, so what are we doing about it? This is one concept to do one thing about it, by offering a revolving mortgage to assist low and middle-income households and homes in our neighborhood.”
The imaginative and prescient fund cash was first introduced in January, together with a number of different initiatives.
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