Title
RESOLUTION OF INTENT TO SUPPORT THE REQUEST BY ROERS COMPANIES TO THE STATE OF MINNESOTA FOR LOW INCOME HOUSING TAX CREDITS FOR THE CONSTRUCTION OF THE 100 UNIT PORTLAND SQUARE SENIOR PROJECT.
Body
CITY PROPOSAL:
RESOLVED, that the proper city officials are hereby authorized to express support for Roers Companies' request for funding to the Minnesota Housing Finance Agency for low-income housing tax credits to construct 100 units of affordable senior housing.
Statement of Purpose
STATEMENT OF PURPOSE: This resolution expresses the city council's support of an application to be submitted to the Minnesota Housing Finance Agency (MHFA) by Roers Companies for low-income housing tax credits that may be awarded by MHFA for the construction of a 100-unit affordable senior living complex. The deadline for submission of the application to MHFA is July 16, 2020. MHFA intends to finalize their funding decisions by December, 2020.
The proposed Portland Square project calls for redevelopment of the project site at 701-730 East Fourth Street, resulting in 100-units for seniors (55+). The independent living complex will feature state of the art amenity space including a hotel-like lobby/leasing area, fitness center, club room, 4th level amenity space with expansive lake views, and outdoor amenity spaces. Units will include fully furnished kitchens, balconies, and in-unit washer/dryer. The project will be a mix of studio, one, and two-bedroom units. One hundred percent of the units will be affordable at 60% of the Area Median Income (AMI), with 15 units further considered for incomes at or below 30% AMI. Roers Companies is pursuing supportive services and/or project based vouchers for these 15 units.
MHFA requires tax credit applicants for housing developments in Duluth to receive the support of the city council. The support is required to assure that a given proposal is a priority for the City of Duluth and that it meets locally identified housing needs. A 2019 ...
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