Item Description:
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Neg Amd 1 to Agmt A050992 with Twin Cities Habitat for Humanity for the creation of affordable homeownership, no change to contract dates, increase NTE by $43,334
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Resolution:
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BE IT RESOLVED, that the County Administrator be authorized to negotiate Amendment 1 to Agreement A050992 with Twin Cities Habitat for Humanity, or affiliated entity, for the creation of affordable homeownership, amending and restating related documents as necessary, with no change to the contract period of July 14, 2005 through July 14, 2035, and increasing the not to exceed amount by $43,334 for a new total not to exceed amount of $313,334; that following review and approval by the County Attorney's Office, the Chair be authorized to sign the amendment and related documents on behalf of the county; and that the Controller be authorized to receive and disburse funds as directed.
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Background:
Twin Cities Habitat for Humanity (TCHFH) was awarded a total of $270,000 from the 2002 and 2004 U.S. Department of Housing and Urban Development (HUD) HOME Investment Partnerships (HOME) program (Resolutions 02-0270 and 04-0243). Loan Agreement A050992 in the not-to-exceed amount of $270,000 provided for the creation of six affordable homeownership opportunities. The original buyer for one of the homes has sold the property back to TCHFH, triggering repayment of $43,334 in HOME funds to Hennepin County. Amendment 1 to Agreement A050992 will enable TCHFH to reuse the repaid funds as affordability gap assistance secured with a 10-year declaration for a new income-qualified buyer.
Current Request: Authorization to negotiate Amendment 1 to Agreement A050992 with Twin Cities Habitat for Humanity increasing the not to exceed amount by $43,334 to a new total not to exceed amount of $313,334, with no change to the contract period of July 14, 2005 through July 14, 2035.
Impact/Outcomes: Approval of this request will ensure that six affordable homeownership opportunities will be maintained.
Housing Disparity Domain: This board action request maintains an affordable homeownership opportunity for a household with an income below 80 percent of the area median income.
recommendation
Recommendation from County Administrator: Recommend Approval