“The land banking program would be funded primarily through the City’s annual disbursements of Local Affordable Housing Aid (LAHA). Adoption of the proposed land banking policy by the HRA would formally establish the program and define it.”

“She expressed concern that the public would think there is a conflict of interest. She wondered if the language could be changed so that it mentioned Council direction and made it clear that the Council was not approving the purchase of land for land banking right now.”

“She stated that she did not like the City being in the business of owning, buying, or holding real estate... She added that she does not like that taxpayers' dollars through the LAHA fund would be used to sit on properties until it is the right time to resell the land.”

“Mr. Fritts explained that LAHA funds were created in 2023 by the State, and it is an additional sales tax that is collected in the metro area... The money has spending timelines attached to it, so if the money is not spent, it goes back to the State.”

“He explained that he was optimistic about the policy because he has been a fan of land banking, and it is another tool in the toolbox for the City.”

“The City of Woodbury has the opportunity, as a jurisdiction participating in the Local Housing Incentives Program established by the Metropolitan Livable Communities Act (LCA), to apply for LCA grants from the Metropolitan Council.”

“Up to $333,474 to fund the acquisition and rehabilitation of single-family homes in the City of Woodbury by Two Rivers Community Land Trust.”

“The LCA Development grant provides an opportunity to obtain the funds needed to make the CLT model work in Woodbury for a small number of homes and expand long-term affordable ownership options for residents.”