Title
Approving the November 13, 2019 HRA Board meeting minutes
Body
ROLL CALL
Present 7 - Commissioners Brendmoen, Busuri, Jalali Nelson, Noecker, Prince, Thao and Chair Tolbert
FOR DISCUSSION
1. Reservation of year 2020 Low Income Housing Tax Credits for the North West University Dale housing development, District 7, Ward 1; and The Parkway Apartments housing development, District 4, Ward 7
Kristin Guild, Interim Executive Director, stated that each year, the HRA Board reviews recommendations for Low Income Housing Tax Credit investments in affordable housing, following the criteria established in our Qualified Allocation Plan. The board reviewed and amended the Qualified Allocation Plan for the 2020 allocation on April 24. There are $901,241 of 2020 Credits available to qualified Saint Paul developments and we received three applications.
Kayla Schuchman, Housing Director, gave a brief presentation on the LIHTC allocation recommendation to reserve $790,005 of 2020 Low Income Housing Tax Credits for North West University Dale, reallocate $100,000 of 2019 Low Income Housing Tax Credits to North West University Dale, and reserve up to $111,236 of the 2020 Low Income Housing Tax Credits to The Parkway Apartments.
Commissioner Prince acknowledged Joe Collins for his work on LIHTC and housing projects.
Moved by Commissioner Thao, Resolution Adopted and set forth in RES 19-1969
VOTE: Yeas - 7 Nays - 0
2. Resolution approving the guidelines and funding for the Downpayment Assistance Program
Ms. Guild stated that as part of the Housing Trust Fund, staff are proposing a commitment of $1.5 million for a new Downpayment Assistance program. The program will provide assistance to lower-income Saint Paul residents, and a more significant subsidy, than existing partner programs, deepening the impact for wealth building through homeownership.
Nick Boettcher, Housing Sr. Project Manager, gave a brief presentation on the proposed program guidelines and budget action....
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