Title
RESOLUTION OF INTENT TO SUPPORT THE REQUEST BY ACCESSIBLE SPACE, INC TO THE STATE OF MINNESOTA FOR LOW INCOME HOUSING TAX CREDITS AND INFRASTRUCTURE BONDS FOR THE CONSTRUCTION OF THE 55 UNIT MORGAN PARK SENIOR APARTMENTS.
Body
CITY PROPOSAL:
RESOLVED, that the proper city officials are hereby authorized to express support for Accessible Space, Inc's request for funding to the Minnesota Housing Finance Agency for low-income housing tax credits and infrastructure bonds to construct a 55-unit affordable senior apartment building.
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 Accessible Space Inc. (ASI) for low-income housing tax credits and infrastructure bonds that may be awarded by MHFA for the construction of a 55-unit affordable senior apartment building. The deadline for submission of the application to MHFA is July 15, 2021. MHFA intends to finalize their funding decisions by December 2021.
The proposed Morgan Park Senior Apartments would provide 55 units of accessible, affordable, and supportive apartments for seniors 62+. The three-story development will be located at 88th Avenue West and will include the physical spaces, programmatic, and social supports for senior residents to live in a safe and supportive environment. 100% of the units will be affordable at 60% AMI, with at least 20% of the units being Type A, fully accessible units for households with physical or cognitive disabilities. Additional assistance will be sought from HUD to provide rental assistance for approximately 18 of the units. Rental assistance will also be sought from the Housing and Redevelopment Authority of Duluth to assist with affordability for future residents.
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...
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