County EDA to use Covid funds for housing study

When the Rock County Economic Development Authority was created three years ago, commissioners had not authorized a budget until recently when $50,000 was allocated.
“Basically, the EDA board needs seed money to work,” said Commissioner Gary Overgaard. “That’s the bottom line — without money we’re a committee that can’t do much.”
The $50,000 is from $1.8 million Rock County is allocated from the federal government’s American Rescue Plan Act.
The EDA committee, made up of representatives from each of the county’s cities, has authorized spending $20,000 for a comprehensive housing study.
Mayfield Research and Consulting of Roseville will examine the demographic and economic factors, current housing market conditions, and determine market potential for developing additional housing projects in the county.
The study will include information from the housing study Mayfield completed for the city of Luverne in 2016. The new study will update Luverne’s housing market potential along with other county communities through 2035.
Holly Sammons, Luverne EDA director, said information from the previously completed comprehensive study assisted investors and developers interested in doing projects in Luverne.
The study brought to the forefront the housing needs in the community.
“It also helps investors and developers get financing,” Sammons said. “Banks need data to prove the need for the housing in order to finance the deal.”
The data is also crucial for applying for grants.
“It gives a realistic picture of the market and isn’t based on feelings or opinions,” she said.
“Without the housing study, we wouldn’t have been able to secure the $680,000 workforce housing grant for the apartment project.” (PrairiE Loft apartments are currently under construction near the former Sharkee’s property.)
A draft of the countywide study is expected to be finished this fall.