Elevate Rapid City commutes $150,000 to city’s “Strategic Housing Trust Fund”
RAPID CITY, S.D. — Rapid City has a new tool at its disposal to tackle the issue of affordable housing.
The city’s “Strategic Housing Trust Fund” has received a major contribution, with Elevate Rapid City committing $150,000 to the trust. The trust fund is managed by the Black Hills Area Community Foundation.
It’s designed to combine various funding sources for housing needs and to address some short-term needs brought on by the COVID-19 pandemic.
“One of the things we’re looking to do with this trust fund now is respond to the needs for rental assistance related to COVID-19,” said Liz Hamburg, the Executive Director of the Black Hills Area Community Foundation. “There are a lot more calls coming to Pennington County Health and Human services for; economic assistance, rental assistance, utility assistance. And so, because of the flexibility of this fund, we will be able to potentially move money to help with those cost.”
The long term goal of the trust fund is to create more workforce housing in the Rapid City area by providing incentives for new development and the rehabilitation of existing housing.