HOF reports 2024 spending concentrated on rental programs; $650,000 identified for demo dollars

URA staff presented the Housing Opportunity Fund's year-end activity and current balances on Jan. 7, showing that 2024 spending concentrated on renter-focused programs and that roughly $650,000 is available for demonstration-dollar planning across years.

Eric (URA staff) and other staff reported 2024 program expenditures and noted that some dollars showing as 2024 spending may include prior-year funds spent down during the year. Reported figures for program expenditures in 2024 included: rental gap at more than $3,000,000; the housing stabilization program at about $2,200,000 (adjusted); homeowner assistance and legal assistance both at over $1,400,000; for-sale development about $384,000; down payment and closing costs assistance about $586,000; and the small landlord fund near $60,000.

Separately, staff identified $350,000 unspent from 2024 demonstration allocations and a $300,000 2025 allocation, for a combined $650,000 available for demonstration purposes. Staff cautioned that some spending labeled as 2024 may come from earlier allocations that were expended during the year. The URA also said staff will continue to use URA expertise to screen applications and return a smaller set of vetted proposals for advisory review.

The advisory asked staff to improve outreach and clarity around how funds are used; staff agreed and said it will provide clearer delineation of allocations, commitments and balances in future updates.