Title
Accepting $1,999,991 in Grant Funds from the Minnesota Housing Finance Agency ("MHFA") through the Minnesota Housing Community Homeownership Impact Fund (“Impact Fund”) to Offer Additional Resources to Homebuyers and Homeowners through the Downpayment Assistance Program (“DPA”) and Homeowner Rehab Program (“HRP”), Citywide.
Body
WHEREAS, the Impact Fund provides funding for developers and administrators of single family, owner-occupied affordable housing activity throughout the state; and
WHEREAS, on July 10, 2024, staff were authorized to apply for grant funds of up to $2,000,000 from the Impact Fund to provide downpayment assistance and homeowner rehab forgivable loans to homeowners, generally supplementing the DPA and HRP; and
WHEREAS, the Impact Fund awarded $523,991 to HRP and $1,476,000 to DPA; and
WHEREAS, the Impact Fund Grant Contract Agreements (“Grant Agreements”) require the Housing and Redevelopment Authority of the City of Saint Paul (“HRA”) to indemnify MHFA; and
WHEREAS, the HRA certifies that it will comply with all applicable laws and regulations as stated in the Grant Agreements, including indemnification obligations; and
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the HRA, Minnesota that:
1. The HRA accept $1,999,991 from the Impact Fund to support the DPA and HRP; and
2. The HRA approves amending the 2025 budget to reflect the acceptance of the Impact Fund dollars to support the DPA and HRP; and
3. The HRA hereby authorizes and approves entering into the Grant Agreements with MHFA, each of which includes an indemnification clause, to accept and implement the grant funds consistent with the applications for the grant funds and applicable compliance requirements; and
4. The HRA hereby authorizes and approves the HRA Executive Director and staff to take all actions necessary to carry out the activities...
Click here for full text