Vision decision unlocks millions for housing fund
The Rapid City Council’s decision in January to award $5 million in Vision funds to the Rapid City Strategic Housing Trust Fund put into motion funding commitments from two local philanthropies, more than doubling the impact of the Vision award.
The John T. Vucurevich Foundation announced at the 2021 Building a Better Rapid City Housing Summit that it would match, dollar for dollar, any public or private contributions to the trust fund, up to $5 million – a match that is now complete. The City’s $5 million also unlocked a $1 million donation to the trust fund from the Dakota Charitable Foundation.
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“In total, $11 million will be added to the trust fund thanks to the investment from the City,” said Liz Hamburg, CEO of the Black Hills Area Community Foundation, which is home to the Rapid City Strategic Housing Trust Fund. “Those dollars can now be put to use to provide gap funding via low-interest loans for developers building below-market, multi-family housing in the Rapid City area.”
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Along with the local infusion of dollars into the trust fund, BHACF and other community stakeholders hope to see state funds for housing make their way West River as well.
Gov. Kristi Noem (R-SD) called for a $200 million investment into housing in South Dakota during her budget address in December. A compromise bill would allocate $100 million to the Governor’s Office of Economic Development for grants and $100 million to the South Dakota Housing Development Authority for a revolving loan fund, with both pots of money earmarked for housing infrastructure.
“We are hopeful the Rapid City Strategic Housing Trust Fund could partner with the state Housing Development Authority to help deploy a portion of those funds,” said Chris Huber, BHACF’s donor relations manager.
The main run of the 2022 legislative session ends March 10. The final day of the session to reconsider bills vetoed by the governor is March 28.
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New Housing Coordinator
In partnership with the Black Hills Area Community Foundation, Elevate Rapid City hired Laura Jones to serve as Elevate's first housing coordinator.
In that role, Jones is tasked with knowing where vacancies exist in the local housing landscape and what projects are coming online, as well as working with developers and government officials to get more projects completed. She also has a seat on the Rapid City Strategic Housing Trust Fund Advisory Board.
To learn more about Jones and her new position, visit elevaterapidcity.com.
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2022 Housing Study
The City of Rapid City, Elevate Rapid City, John T. Vucurevich Foundation, and Black Hills Area Community Foundation are working in coordination to fund a new housing study.
The previous housing study was commissioned by JTVF in 2017. The new study will help community members understand current and future needs and inform a targeted approach for addressing the problem.
Requests for proposals are out, and a small team will interview prospective organizations in the coming weeks. The new study is expected to be completed before the year's end.
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