Title
RESOLUTION OF SUPPORT FOR ONE ROOF COMMUNITY HOUSING'S REQUEST TO THE STATE OF MINNESOTA FOR LOW INCOME HOUSING TAX CREDITS AND THE CONDITIONAL PRE-COMMITMENT OF UP TO $500,000 OF 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 the 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 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 Brownfield Revolving Loan Fund to fund a portion of the cost of 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 2027 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 Super RFP funding that may be awarded by MHFA for the rehabilitation of the Faith Haven Senior Apartments project. The deadline for submission of the application to MHFA is July 11, 2024. MHFA intends to finalize funding decisions at their December 19, 2024 board meeting. Additionally, this resolution expresses support of a pre-commitment of up to $500,000 from the Brownfield Revolving Loan Fund. The City and Developer will negotiate a formal development agreement and solicit Council approval for use of BRLF funds, subject to the Developer successfully securing the necessary funding from MHFA and other sources to ensure co...
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