Title
Resolution Amending the Downpayment Assistance (DPA) Program Guidelines, Citywide
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 Minn Stat Section 469.002, Subd. 14; and
WHEREAS, the attached Program Guidelines for a Downpayment Assistance (DPA) Program aim to aid in assisting low to moderate income households in accessing homeownership; and
WHEREAS, the HRA, through Resolution 24-1781, previously approved amended Guidelines for the Downpayment Assistance Program on 12/11/2024;
WHEREAS, staff recommends amending the Downpayment Assistance Program Guidelines to change the downpayment assistance amount awarded to Citywide participants to:
• $20,000 for borrowers earning 61-80% AMI
• $40,000 for borrowers earning 60% AMI or lower
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota that:
The HRA Board of Commissioners hereby amends the Guidelines to make...
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