Title
Resolution authorizing and recommending approval of financing of a $550,000 HOME Loan; authorizing and recommending approval of financing of a $1,950,000 ARPA Loan and execution of the loan agreements for the Treehouse Senior Housing Project; District 15, Ward 3
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (“HRA”) is a public body corporate and politic organized, existing, and operating under the laws of the State of Minnesota, Minn. Stat. Sec. 469.001, et seq. (the “Act”); and
WHEREAS, the HRA has the power to engage in development and redevelopment activities under the Act, and is authorized to create redevelopment projects as defined in the Act, and said activities include but are not limited to: (a) providing adequate, safe and sanitary dwellings, remedying housing shortages for low and moderate income residents, and providing housing for persons of all incomes through housing projects and development, (b) removing and preventing blight or deterioration, (c) bringing substandard buildings and improvements into compliance with public standards, (d) performing duties according to the comprehensive plan, (e) disposing of land for private redevelopment, and (f) improving the tax base and the financial stability of the community; and
WHEREAS, the City issued a 30% AMI Deeply Affordable Housing Program - March/April 2022 Request for Proposals; and
WHEREAS, the Treehouse Limited Partnership, a Minnesota limited partnership (the “Developer”) submitted a proposal in response to the City’s RFP to construct a 36-unit multifamily rental housing development and functionally related facilities (the “Proposal”) located on a parcel with PIN 222823220080 ; and
WHEREAS, the Developer has requested financing of $1,950,000 in ARPA funding and $550,000 in HOME funding, which will be used to complete improvements to the property and staff has identified the sources and terms for this financing in the accompanying staff rep...
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