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Housing trusts inks operating agreement

By Staff | Jul 25, 2009

SHELDON – The Northwest Iowa Regional Housing Trust Fund, Inc. Board of Directors Thursday at the Sheldon City Hall Community Room signed an operating agreement with Northwest Iowa Planning & Development Commission.

The agreement gives NWIPDC the authority to help in administration of the trust fund.

In turn, the commission will act as principal staff for the trust and be subject to its control. The commission will act as director, with duties officially to start Jan. 1, 2010.

In outlining the agreement, Carol Keizer, commission planner, said the contract is basically in the same form as contracts that the commission uses with cities and counties. She said all services the commission has provided and will continue to provide until the contract is effective Jan. 1, 2010, will be voluntary. The time donated will be counted as an in-kind match for grants, she said.

Commission administrative fees will be based on actual cost and will not exceed 25 percent of budget the first two years, Keizer said, with fees limited to 10 percent or less thereafter. Unspent funds earmarked for administration will be rolled back into the trust fund itself.

The board approved the agreement, with minor changes, and also reviewed certification requirements. The board also heard an update on local match requests.

To date, 28 out of 40 letters of support for the trust have been received by county and city governments from the five-county trust service area. Jim Jenson, Emmet County board representative, said the county will pledge the fund match for Emmet County.

Keizer said the trust will exceed the $17,388 required in-kind match.

The next meeting was set for 10 a.m. Aug. 27 in Sheldon.