Black Hills Area Community Foundation finalizes Vision Fund grant
RAPID CITY, S.D. – The Rapid City Common Council’s Legal and Finance Committee authorized the Mayor and the Finance Director to sign a housing-related Vision Fund grant.
The Black Hills Area Community Foundation will now receive $5,000,000 to establish work-force housing.
The money will go into the Rapid City Strategic Housing Trust as a revolving fund.
City officials retain the ability to take action if the funds are not used correctly, and can request updates on the use of the money when desired.
“The initial investment of the five million dollars is meant so that it will be a revolving fund, with the interest on the fund and things like that will help refund it, and the agreement itself does not have an expiration date.”
The councilmembers in attendance voted unanimously on the agenda item, with Alderman Jason Salamun among the votes.
“It’s seed money, and hopefully we will not have to provide any further investments. And so if we have updates from time to time, to say ‘ here’s the success of the program and how this fund is growing’ so that we can meet these challenges that we all feel. We all feel the housing crunch, so what are we doing about it? This is one idea to do something about it, by providing a revolving loan to help low and middle-income families and houses in our community.”
The vision fund money was first announced in January, along with several other projects.