Title
RESOLUTION OF SUPPORT FOR ONE ROOF COMMUNITY HOUSING'S REQUEST TO THE STATE OF MINNESOTA FOR QUALIFYING MULTIFAMILY FUNDING AND THE CONDITIONAL PRE-COMMITMENT OF UP TO $500,000 OF CITY BROWNFIELD REVOLVING LOAN FUNDING FOR THE REHABILITATION OF THE 121 UNIT FAITH HAVEN APARTMENTS PROJECT.
Body
CITY PROPOSAL:
RESOLVED, that the City of Duluth hereby expresses its support for One Roof Community Housing's request to Minnesota Housing Finance Agency (MHFA) for the allocation of low-income housing tax credits and/or other funding provided by MHFA, to rehabilitate a 121-unit affordable multifamily apartment building for seniors in the Spirit Valley neighborhood (the "Project").
BE IT FURTHER RESOLVED, that the City Council of the City of Duluth does hereby conditionally pre-commit up to $500,000 from the City's Brownfield Revolving Loan Fund to support qualifying asbestos removal costs associated with the Project, subject to the Developer, One Roof Community Housing, successfully securing the necessary funding from MHFA and other funding sources to ensure project completion by 2026 and to the approval of a development agreement between the City and the Developer.
Statement of Purpose
STATEMENT OF PURPOSE: This resolution expresses the City Council's support of an application to be submitted to MHFA by One Roof Community Housing (One Roof), for low-income housing tax credit and other Multifamily Consolidated RFP funding that may be awarded by MHFA for the rehabilitation of the Faith Haven Apartments project. The deadline for submission of the application to MHFA is July 13, 2023. MHFA intends to finalize funding decisions at their December 14, 2023 board meeting. Additionally, this resolution expresses support of a pre-commitment of up to $500,000 from the City's Brownfield Revolving Loan Fund (BRLF). The City and Developer will negotiate a formal development agreement and solicit Council approval for use of BRLF funds, subject to the Developer successfull...
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