HomeMy WebLinkAbout06-091 - ADMIN Resolution - City Council - 2006/06/05RESOLUTION NO. 06-091
RESOLUTION APPROVING THE AWARD OF AFFORDABLE
HOUSING INCENTIVE FUNDS AND THE PARTICPATION OF
HENNEPIN COUNTY HOUSING AND REDEVELOPMENT
AUTHORITY IN THE LOUISIANA COURT APARTMENT COMPLEX
WHEREAS, the Hennepin County Housing and Redevelopment Authority (HCHRA)
has approved the award of a $500,000 Affordable Housing Incentive Fund loan to Project for
Pride in Living for the purpose of funding capital improvements at the 129 unit Louisiana Court
apartment complex: and
WHEREAS, the rehabilitation and improvement of the Louisiana Court apartments will
preserve the supply of affordable housing in the City of St. Louis Park by enhancing the
livability of the development and stabilizing the housing for households with incomes at or
below 60 percent of area medium income; and
WHEREAS, the loan from HCHRA will complete the financing required for the capital
improvements to go forward.
BE IT RESOLVED, the City Council approves the award of the 2006 Affordable
Housing Incentive Fund loan to Project for Pnde in Living and consents to the participation of
the Hennepin County Housing and Redevelopment Authonty in the Louisiana Court
development.
NOW THEREFORE, BE IT RESOLVED THAT, the City Council approves the
award of the 2006 Affordable Housing Incentive Fund loan to Project for Pnde in Living and
consents to the participation of the Hennepin County Housing and Redevelopment Authority in
ouisiana Court development.
R ie : ed for Administration:
City anager
Attest:
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City Cler�
ed by the City Council June 5, 2006