Title
Resolution authorizing and recommending approval of financing of a Community Development Block Grant (CDBG); authorizing and recommending approval of financing of an American Rescue Plan Act Emergency Rental Assistance (ERA2) loan; and execution of the loan agreements and related documents for the Joseph’s Pointe at Upper Landing project, 200 Wilkin Street, District 9, Ward 2
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, Schafer Richardson, a Minnesota business corporate (or an affiliated entity, the “Developer”), has requested $1,600,000 in funding to finance the acquisition and rehabilitation of Joseph’s Pointe, a multi-family apartment building located at 200 Wilkin Street, City of Saint Paul, Minnesota; and,
WHEREAS, the proposed project will consist of 90 units of affordable housing, of which 75 units will be affordable at 60% of Area Median Income (AMI), and 15 units will be affordable at 50% of AMI; and,
WHEREAS, the HRA determined that Community Development Block Gr...
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