Title
Resolution approving loan modifications associated with the Selby Commons and Wilkins Townhomes Projects and Assignment and Assumption of Loans by Selby Wilkins LLLP - District 8, Ward 1
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (“HRA”) is a public body corporate and politic organized, existing, and operating under the laws of the State of Minnesota, Minn. Stat. Sec. 469.001, et seq. (the “Act”); and
WHEREAS, the HRA has the power to engage in development and redevelopment activities under the Act and is authorized to create redevelopment projects as defined in the Act, and said activities include but are not limited to: (a) providing adequate, safe and sanitary dwellings, remedying housing shortages for low and moderate income residents, and providing housing for persons of all incomes through housing projects and development, (b) removing and preventing blight or deterioration, (c) bringing substandard buildings and improvements into compliance with public standards, (d) performing duties according to the comprehensive plan, (e) disposing of land for private redevelopment, and (f) improving the tax base and the financial stability of the community; and
WHEREAS, the Twin Cities Housing Development Corporation (“TCHDC”) owns 63 units of scattered site affordable rental housing made up of 40 units from the project currently known as Selby Commons and 23 units from the project currently known as Wilkins Townhomes; and
WHEREAS, TCHDC intends to sell 10 of the Selby Commons units (consisting of 6 separate properties) to a land trust(s) for affordable home ownership projects; and
WHEREAS, TCHDC intends to combine the remaining 30 Selby Commons units and all 23 of the Wilkins Townhomes units into one project called the Selby Wilkins Project and to renovate and refinance all 53 units (the “Project”); and
WHEREAS, TCHDC has been awarded an allocation of 9% Low Income Housing Tax Credits for the Project; and
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