Title
Approval of the February 22, 2012 HRA Meeting and Continuation Meeting Minutes.
Body
MINUTES OF THE
HOUSING AND REDEVELOPMENT AUTHORITY
OF THE CITY OF SAINT PAUL, MINNESOTA
Wednesday February 22, 2012
Kelly Bauer, Assistant Secretary
(651) 266-6604
ROLL CALL
Present: Commissioners Bostrom, Brendmoen, Carter, Lantry, Stark, Tolbert, Thune
ROLL CALL
CONSENT
1. Approval of the February 8, 2011 HRA meeting minutes.
Commissioner Lantry moved approval.
VOTE: Yeas - 7 Nays - 0
DISCUSSION
2. Reservation of Additional 2012 Low Income Housing Tax Credits for St. Alban’s Park, District 8
Ms. Cecile Bedor, Executive Director for the HRA, stated that the Low Income Housing Tax Credit is a tool the federal government created in 1986 as a strategy to bring more private capital into affordable housing development, providing 30-40 percent of the capital needed to complete these projects. The State of Minnesota’s allocation of tax credits is based on population; the City of Saint Paul is one of three sub-allocators, and generally receives enough tax credits for one project.
Every year the HRA Board revises the Low Income Housing Tax Credit Procedural Manual and the Qualified Allocation Plan, which essentially detail HRA priorities. At the end of 2011, the HRA provided the full 2012 allocation of $966,557 to St. Alban’s Park, a 74-unit affordable housing preservation project on Selby and Dayton. Twin Cities Housing Development Corporation (TCHDC) is the developer.
Minnesota Housing Finance Agency (MHFA) received an additional $265,197 of 2012 tax credits because the State’s volume cap was increased. Saint Paul will receive approximately $22,000 in additional tax credits. Staff is recommending the additional credits be awarded to St. Alban’s Park to help cover the gap in financing.
Commissioner Carter moved approval. Approved as set forth in resolution RES 12-358.
VOTE: Yeas - 7 Nays - 0
3. Resolution Approving the Assignment, Assumption, Modifi...
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