During a recent government meeting, officials discussed the financial status and future allocations of the Housing Betterment Fund, which currently has a balance of approximately $117,000 after issuing nearly $34,000 in grants. The fund began with an initial increment of $477,737, a portion of which was allocated to the Cohen Esri project.

Looking ahead, the board anticipates an additional increment of $618,000 from the closure of Tax Increment District (TID) 3, which has already been approved for an extension. This funding is crucial, as 75% of the increment must be directed towards affordable housing projects, while the remaining 25% can be used for broader housing initiatives, including both new and existing developments.

The meeting also highlighted the uncertain future of funds from other TIDs, specifically TIDs 4, 5, and 6, which are projected to close in the coming years but are not guaranteed until their extensions are approved. The board is considering these factors as they prepare for the next review period, where they will evaluate new applications for the Housing Betterment Fund.

As the board moves forward, they emphasized the importance of adhering to established motions during discussions to ensure clarity and efficiency in decision-making. The ongoing commitment to affordable housing remains a priority as the community navigates its financial landscape.