HomeMy WebLinkAbout93-213 - ADMIN Resolution - City Council - 1993/12/20RESOLUTION NO. 93-213
Resolution Authorizing Community Builders to Apply on Behalf of
the City for Funds from the Community Rehabilitation Fund Program
of the Minnesota Housing Finance Agency
WHEREAS, Community Builders is a non-profit corporation
affiliated with West Hennepin Human Services planning board
established to increase the supply of long-term affordable
housing in suburban Hennepin County to low and moderate income
families; and
WHEREAS, home ownership is a key to long-term housing
affordability in that it protects a family from most of the
fluctuations in housing cost and reduces real estate taxes; and
WHEREAS, the City encourages ownership to create a more
stable population with more stake in the community; and
WHEREAS, the Minnesota Housing Finance Agency has funds
available through its Community Rehabilitation Fund Program for
the acquisition of housing for low and moderate income home
buying families in a targeted geographic area within cities; and
WHEREAS, Community Builders has requested that the City of
St. Louis Park authorize them to apply on behalf of the City for
funds through this program;
WHEREAS, Community Builders has budgeted $240,000 for the
purchase of three houses in St. Louis Park which amounts to
$80,,000 per home; and
WHEREAS, the Minnesota Housing Finance Agency desires that
the City of St. Louis Park establish a target area for this
program; and
WHEREAS, there are a number of neighborhoods in the
community that are well served with bus service and have homes
valued at about $80,000
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF ST. LOUIS PARK, MINNESOTA, AS FOLLOWS:
1. That Community Builders is hereby authorized to apply on
behalf of the City for $150,000 from the Community
Rehabilitation Fund Program of the Minnesota Housing Finance
Agency for the "Lease to Purchase" program.
2. The target area for this program is identified on attached
Exhibit A.
ATTEST:
Reviewed for administration:
4644:GEN44
Adopted by the City Council
December 20, 1993
4.2 )
Approved as to form and
execution:
City Attorney