Title
RESOLUTION OF SUPPORT FOR ONE ROOF COMMUNITY HOUSING ORGANIZATION'S REQUEST FOR LOW INCOME HOUSING TAX CREDITS, CONDITIONAL COMMITMENT OF UP TO $4,500,000 OF AMERICAN RESCUE PLAN ACT FUNDING AND INTENT TO APPROVE A TAX INCREMENT FINANCE PLAN BY THE DULUTH HRA TO PROVIDE UP TO $975,000 FOR CONSTRUCTION OF THE 70 - 84 UNIT BRAE VIEW SENIOR HOUSING DEVELOPMENT.
Body
CITY PROPOSAL:
RESOLVED, that the City of Duluth hereby expresses its support for One Roof Community Housing Organization's request to the Minnesota Housing Finance Agency (MHFA) for the allocation of low-income housing tax credits and/or for other funding provided by MHFA, to construct a 70-84 unit affordable multifamily housing development in the Central Hillside neighborhood of Duluth (the "Project").
BE IT FURTHER RESOLVED the City Council of the City of Duluth does hereby conditionally commit up to $4,500,000 of American Rescue Plan Act (ARPA) funding to fund a portion of the cost of the Project, subject to the Developer, One Roof Community Housing Organization, successfully securing the necessary funding from MHFA and other funding sources to ensure project completion by 2024 and to the approval of a development agreement between the City and the Developer.
BE IT FURTHER RESOLVED that the Duluth City Council hereby states its intent to approve a tax increment financing ("TIF") plan creating a housing TIF district for the Development if and when brought forward by the Housing and Redevelopment Authority of Duluth, MN to support up to $975,000 over a term of up to 26 years in connection with construction of the Project.
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 Organization for low-income housing tax credit and other Super RFP funding that may be awarded by MHFA for the construction of a 70- 84 unit affordable multifamily housing development. The deadline f...
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