Title
Authorizing the transfer of $4,900,000 in American Rescue Plan Act funds from the 30% AMI Deeply Affordable Housing account for an affordable housing project loan and approving the execution of subrecipient and other loan agreements for the CB Ford Site II housing project located at 2260 Bohland Avenue (District 15, Ward 3).
Body
WHEREAS, on March 11, 2021, the American Rescue Plan Act (“ARPA”) was signed into law by the President of the United States and established the Coronavirus State and Local Fiscal Recovery Fund (“SLFRF”), intended to provide support to local governments in responding to the impact of COVID-19; and
WHEREAS, the City’s SLFRF funds are to be used “to respond to the public health emergency with respect to the Coronavirus Disease 2019 (COVID-19) or its negative economic impacts” 42 U.S.C. §§ 802(c)(1) and 803(c)(1) and, pursuant to 31 C.F.R. § 35.6, the SLFRF are to be used on eligible expenses which benefit populations that have been impacted by the public health emergency or its negative economic impacts; and
WHEREAS, under RES 21-1794 and RES 22-1868, the City allocated approximately $37.5 Million of its ARPA SLFRF funds to its department of Planning and Economic Development for the provision of deeply affordable housing as a response to the negative economic impacts suffered from the COVID-19 public health emergency; and
WHEREAS, CB Ford Site II Limited Partnership, a Minnesota limited partnership (or another Common Bond entity controlled by or affiliated with it) (the “Developer”) submitted a proposal in response to the City’s Request for Proposals for its 30% AMI Deeply Affordable Housing Program - March/April 2022, to construct on property located at 2260 Bohland Avenue, Saint Paul (the “Property”) a 4-story multifamily building with 60 affordable senior residential dwelling units and related facilities (the “Project”) with the Developer obligated to maintain 40 years of affordability as follows: 45 units at 30% AMI, and ...
Click here for full text