Title
Approval of a $943,592 Deferred HOME Loan for Rolling Hills District 5, Ward 5.
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA") is a public body corporate and politic established pursuant to the provisions of Minnesota Statutes, Section 469.001, et seq. (the “Act”); and
WHEREAS, the HRA has the power to engage in development or redevelopment activities under Minnesota law and the HRA is authorized to engage in activities relating to (a) housing projects and development, (b) removal and prevention of the spread of conditions of blight or deterioration, (c) bringing substandard buildings and improvements into compliance with public standards, (d) disposition of land for private redevelopment, 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 is authorized to create redevelopment projects as defined in Minnesota Statute Section 469.002, Subd. 14; and
WHEREAS, by Resolution No. 12-1463 the HRA approved a loan in the amount of $56,408 for emergency roof repairs at 1336 Westminster - one of the six apartment buildings which comprise the Rolling Hills Apartments (“Apartments”); and
WHEREAS, RH-St. Paul Development, LLC, (the “Developer”) is asking for $943,592 of HOME funds to assist in the acquisition and rehabilitation of the Apartments and construction of a new on-site community building (“Project”); and
WHEREAS, after renovation and construction the Project will continue as an affordable housing complex with supportive housing for long term homeless residents, homeless families, refugees and for women in the Breaking Free program, all as more fully described in the staff report; and
WHEREAS, HRA staff has analyzed the Developer’s request and staff is recommending to this Board for appr...
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