Ordinance 17-03

On December 6, 1995, the Common Council adopted Ordinance 95-75 which established a Designated Housing Trust Endowment Fund (“Fund”) at the Community Foundation of Bloomington and Monroe County (“Community Foundation”), approved a funding agreement governing the use of the funds (“Fund Agreement”), and established a Housing Trust Fund Board of Directors (“Board”). The purpose of this Fund was to promote affordable housing options in the City of Bloomington (“City”). Over the intervening years, Ordinance 95-75 has been amended twice, via Ordinances 97-12 and Ordinance 00-21, in a large part, to amend the Instructions to the Board in order to clarify the intended use of the funds. However, the changes to Instructions to the Board did not further, or align well with, the community’s efforts to promote affordable housing. Recently, the City established a Housing Development Fund administered by the Housing and Neighborhood Development (HAND) department to continue the effort in promoting affordable housing. Also, over those years, the Fund Agreement has never been amended or revised. Due to restrictions in the ordinance and Fund Agreement, funds have continued to accumulate and over the last several years have been very rarely used. For these reasons, the parties agree that the Fund Agreement must be amended in order to make the funds more easily used for their intended purpose of enhancing affordable housing options in the City. In addition, the Common Council finds that the City’s Housing Trust Fund board is no longer necessary and should be terminated. Note: On March 22, 2017, the Council adopted Am 01 which corrected the cite to the ordinance which established the Housing Development Fund as it appeared in the fourth Whereas clause.