Title
RESOLUTION AUTHORIZING THE CITY TO ENTER INTO A JOINT POWERS AGREEMENT WITH THE MINNESOUTA HOUSING FINANCE AGENCY (MINNESOTA HOUSING) RELATED TO THE LOW INCOME HOUSING TAX CREDIT PROGRAM.
Body
CITY PROPOSAL:
RESOLVED, that the proper city officials are hereby authorized to enter into a joint powers agreement pertaining to the housing tax credit program with the Minnesota housing finance agency (Minnesota housing) for the year 2017.
Statement of Purpose
STATEMENT OF PURPOSE: This resolution authorizes the city of Duluth to enter into a joint agreement with the Minnesota housing finance agency (Minnesota housing), pursuant to which Minnesota housing will administer the city of Duluth’s low income housing tax credits. In 2017 the city of Duluth will receive an estimated $179,823 in tax credits. The Duluth city council originally approved entering into a joint powers agreement with Minnesota housing for the administration of Duluth’s housing tax credits on February 22, 1999.
This resolution is to approve entering into a joint agreement again for the coming year. By doing so, the city accepts the state’s qualified allocation plan for selection of projects. City staff supports approval of the joint powers agreement.