HomeMy WebLinkAbout17-108 - ADMIN Resolution - City Council - 2017/06/19RESOLUTION NO. 17-108
RESOLUTION APPROVING THE USE OF AFFORDABLE HOUSING INCENTIVE
FUND LOANS (AHIF) FOR WEST HENNEPIN AFFORDABLE HOUSING LAND
TRUST (WHAHLT) AKA HOMES WITHIN REACH AND PLACE
WHEREAS, the Hennepin County Housing and Redevelopment Authority (HCHRA) in
Resolution No. 16-HCHRA-0019 has approved the use of a $289,000 Affordable Housing
Incentive Fund (AHIF) loan for WHAHLT to purchase properties for sale to income qualifying
homeowners, contingent upon the St. Louis Park City Council's consent to the HCHRA's
participation in the project; and
WHEREAS, the WHAHLT project will increase/preserve the supply of affordable
housing in the City of St. Louis Park by providing/preserving at least one unit of affordable
housing; and
WHEREAS, the Hennepin County Housing and Redevelopment Authority (HCHRA) in
Resolution No. 17-HCHRA-0020 has approved the use of a $300,000 Affordable Housing
Incentive Fund (AHIF) loan for the PLACE project and a $200,000 AHIF) loan for WHAHLT to
purchase properties for sale to income qualifying home owners, contingent upon the St. Louis Park
City Council's consent to the HCHRA's participation in the project; and
WHEREAS, the PLACE project will increase the supply of affordable housing in the City
of St. Louis Park by providing 200 units of affordable housing; and
WHEREAS, the WHAHLT project will increase/preserve the supply of affordable
housing in the City of St. Louis Park by providing/preserving at least one unit of affordable
housing; and
WHEREAS, the loan from the HCHRA will complete the financing required for the
to go forward.
THEREFORE BE IT RESOLVED, that the participation of the Hennepin County
I
edevelopment Authority in the project is hereby approved.
Administration: A opted b the City Council June 19, 2017
trm�ing, City Manager e Sp ' ,Mayor