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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