Title
RESOLUTION OF SUPPORT FOR CENTER CITY HOUSING CORPORATION'S REQUEST FOR LOW INCOME HOUSING TAX CREDITS, CONDITIONAL COMMITMENT OF UP TO $1,750,000 OF AMERICAN RESCUE PLAN ACT FUNDING AND A CONDITIONAL PRE-COMMITMENT OF $300,000 FISCAL YEAR 2023 COMMUNITY DEVELOPMENT FUNDING FOR THE CONSTRUCTION OF THE 60 UNIT WADENA WEST PROJECT.
Body
CITY PROPOSAL:
RESOLVED, that the City of Duluth hereby expresses its support for Center City Housing Corporation'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 construct a 60-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 commit up to $1,750,000 of American Rescue Plan Act (ARPA) funding to fund a portion of the cost of the Project, subject to the Developer, Center City Housing Corporation, 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 proper City officials hereby approve a pre-commitment of Fiscal Year (FY) 2023 funds to be received by the City of Duluth as allocated by the federal Housing and Urban Development Department (HUD) for construction of the Project. The award of $300,000 subject to the receive thereof from HUD, the Developer, Center City Housing Corporation, securing the necessary funding from MHFA and other funding sources and to the approval of a development agreement between the City and Developer thereof.
Statement of Purpose
STATEMENT OF PURPOSE: This resolution expresses the City Council's support of an application to be submitted to MHFA by Center City Housing Corporation (CCHC), for low-income housing tax credit and other Super RFP funding that may be awarded by MH...
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