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Resolution Approving Allocation Plan for $2.5 Million of the Affordable Housing Trust Fund
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WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (“HRA”) is a public body corporate and politic established pursuant to the provisions of Minnesota Statutes, Section 469.001 et seq (the “HRA Act”); and
WHEREAS, the HRA has the power to engage in development or redevelopment activities under Chapter 469 of the Minnesota Statutes, Housing and Redevelopment Act (“Act”) and by authority of said Act engages in activities relating to: a) housing projects and development; b) removal and prevention of the spread of conditions of blight or deteriorations; c) bringing substandard buildings and improvements into compliance with public standards; d) disposition of land for private development; and e) improving the tax base and the financial stability of the community, and to engage in the aforementioned activities when these needs cannot be met through reliance solely upon private initiative and which can also be undertaken in targeted neighborhoods; and
WHEREAS, in 2010 the HRA created the Affordable Housing Trust Fund (“AHTF”) and in 2011 the sum of $2.5 million of STAR funds was deposited into this fund; and
WHEREAS, HRA staff has conducted work sessions with the HRA Board and community affordable housing experts to discuss the use and allocation of the funds in the AHTF, and the greatest needs of these funds were identified to be in the following three areas: foreclosure prevention efforts, preservation of existing affordable housing units for both single family and multi-family units, and creation of new affordable multi-family units; and
WHEREAS, the staff report accompanying this Resolution has described in detail proposed uses and allocations of the funds in the AHTF (“Allocation Plan”) that will best serve to accomplish the purposes and intent of the AHTF;
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota, that:
1) The HRA Board hereby approves the Allocation Plan on the terms and conditions set forth in the staff report and this Resolution. The HRA Executive Director is authorized to agree to modifications of the Allocation Plan that do not make material changes to the terms or conditions of the Allocation Plan with the approval of the City Attorney. HRA staff is directed to return to this Board for approval of individual projects which may utilize funds for two of the proposed AHTF uses: preservation and creation of affordable multi-family housing units. All approved projects shall comply with all applicable compliance requirements. HRA staff is also directed to return to this Board for approval of the final proposed terms of the FHA Title I Home Improvement Loan Program.
2) The HRA Executive Director, staff and legal counsel for the HRA are further directed and authorized to take all actions necessary to implement this Resolution, including without limitation working with other partners to maximize the efficiency of the AHTF funds, and the HRA’s Executive Director is hereby authorized to execute any and all grant and other agreements, documents and instruments in connection therewith.
3) The HRA Board hereby approves the budget amendment attached to this Resolution.