Title
Approval of the April 9, 2014 HRA Meeting Minutes.
Body
ROLL CALL
Present: Commissioner Brendmoen, Lantry, Stark, Thao, Thune
*Absent: Commissioner Bostrom and Tolbert
CONSENT
1. Approval of the March 26, 2014 HRA Meeting Minutes.
Commissioner Lantry moved approval. The HRA meeting minutes were approved.
VOTE: Yeas - 5 Nays - 0
2. Authorization To Accept the Minnesota Housing Finance Agency Purchase Discount Community Fix-Up Targeted Home Improvement Pilot Grant Funds (THIP)
Commissioner Lantry moved approval. Approved as set forth in RES 14-631.
VOTE: Yeas - 5 Nays - 0
DISCUSSION
*Commissioner Bostrom and Tolbert arrived.
3. Resolution Approving $600,000 in HOME Financing for the Maryland Park Apartments Project and Authorizing the Execution of Loan Documents, Greater East Side, District 2, Ward 6.
Ms. Cecile Bedor, HRA Executive Director, noted that this and the next item on the agenda are both related to Maryland Park, and thus would give one staff report for both items. She stated Maryland Park Apartments is an existing 172 unit affordable rental housing project at 1619 Maryland Avenue. It was built in 1969 and has 143 project-based Section 8 rental units. The scope of work being proposed by Dominium, which has executed a purchase agreement on the property, includes replacement of all mechanical systems, fixtures and appliances, renovation of all common areas, installation of new camera security systems, a parking entrance gate system, and other exterior improvements; 24 hour on-site management will also be instituted. Ms. Bedor noted that the project-based Section 8 subsidy is a very important resource to preserve as it allows the property to serve people with incomes at or below 30% AMI. The remaining 29 units will serve people at or below 60% of AMI. The total development cost is almost $19 million. They are seeking, and staff is recommending, $600,000 in HOME funds which is roughly 3% of the total development cost. The HOME loan wi...
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