COMMITTEE
SUBSTITUTE FOR RESOLUTION NO. 180720
Creation of a plan to initially capitalize the Kansas City
Housing Trust Fund in the amount of $75 million for use in the five years
following the effective date of the Fund.
WHEREAS, in November, 2017, the City
Council passed unanimously Resolution No. 170825 that directed the City Manager
to provide information on the overall state of housing policy at the federal,
state and local levels; and
WHEREAS, Resolution No. 170825 also
directed the development of a report on the overall state of housing resources,
housing policy, programs and funding options for the City, including the role
of affordable housing in the development of the City; and
WHEREAS, the City Council and the
public have expressed desire to see the Housing Trust Fund established soon,
and accordingly funding strategies should be provided forthwith;
WHEREAS, other municipalities, such as
the City of St. Louis, have utilized business use taxes on out-of-state
purchases to support affordable housing needs;
WHEREAS;
the Housing Trust Fund shall identify a capitalization of $75 million for use
in the next five years from sources already accessible and available for City
funding; NOW, THEREFORE,
BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:
Section 1. The City Manager is hereby directed to identify
and report back to City Council within twenty (20) days, a funding strategy to
place $75 million into an account designated for the Housing Trust Fund.
Section 2. The City Manager is hereby directed to assess
the propriety of establishing the $75 million fund amount from the following
sources, which will ultimately be established by City Council:
(a) Any potential bond or other proceeds that would be
available for the Fund;
(b) Any other funds that may be available for the Fund.
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