Title
RESOLUTION AUTHORIZING AN INTERFUND TRANSFER OF $250,000 FROM THE COMMUNITY INVESTMENT TRUST FUND TO THE HOUSING INVESTMENT FUND AND EXPENDITURES FROM THE HOUSING INVESTMENT FUND AND COMMUNITY DEVELOPMENT HOUSING REHAB REVOLVING LOAN FUND TO SUPPORT HOUSING REHABILITATION IN THE STRATEGIC IMPROVEMENT AREAS IN THE LINCOLN PARK AND HILLSIDE NEIGHBORHOODS.
Body
CITY PROPOSAL:
WHEREAS, the Housing Action Framework, adopted in 2017, and the updated comprehensive plan, adopted in 2018, identify strategic improvement and reinvestment areas in the Lincoln Park and Hillside neighborhoods; and
WHEREAS, 43.5% of the housing stock in the city was constructed before 1940, and the housing stock in these neighborhoods is some of the oldest in the city and is in need of reinvestment and rehabilitation; and
WHEREAS, the Imagine Duluth 2035 comprehensive plan, Housing Policy 2, Strategy 3 calls for development of a 'cost-effective strategy for housing replacement and reinvestment that includes a variety of housing types and encourages homeownership'; and
WHEREAS, new programs causing rehabilitation, modernization, and reinvestment in the strategic improvement and redevelopment areas will create in new opportunities for homeownership and improvements to the health, safety, and welfare of the neighborhoods; and
WHEREAS, the Community Investment Trust Funds are intended to be matched at a ratio of 2:1 by Community Development Housing Rehab Revolving Loan Funds in the housing rehabilitation program, and to spur new reinvestment in neighborhoods outside of these programs by other private parties.
RESOLVED, that a transfer of $250,000 is approved from fund 256-020-5700 (Community Investment Trust Fund - Interfund Transfers Out) to fund 266-020-4730 (Housing Investment Fund - Interfund Transfers In); and
FURTHER RESOLVED, that proper city officials are authorized to establish program guidelines for a housing rehabilitation program and enter into contracts for expenditure of f...
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