Title
Authorization to Approve a Commitment of up to $250,000 in HOME Loan Funding and $500,000 in Affordable Housing Trust Fund Financing for the Prior Crossing Housing Development Located at 1949 University West, District 11, Ward 4.
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 Minnesota Statute Section 469.002, Subd. 14; and
WHEREAS, Beacon Interfaith Housing Collaborative, (the "Developer") is asking for up to $250,000 in HOME funds and $500,000 in Affordable Housing Trust funds to assist in the acquisition and construction of the Prior Crossing homeless youth supportive housing development ("Project") located at 1949 University; and
WHEREAS, the Developer needs to secure additional funding for the Project and expects such other funding to be awarded by December 31, 2014; and
WHEREAS, the HRA's allocation of up to $250,000 in HOME funds and $500,000 in Affordable Housing Trust funds is contingent on the Developer securing the balance of their Project financing by December 31, 2014; and
WHEREAS, the HRA Board de...
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