Title
Resolution Approving Allocation Plan for $2.5 Million of the Affordable Housing Trust Fund
Body
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 ...
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