Item Description:
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Authorize the issuance and sale of one or more tax-exempt multifamily housing revenue bonds by the HCHRA for an affordable housing project at 505, 507, 525, 527, 560 Humboldt Avenue and 1315 Olson Memorial Highway, Mpls
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Resolution:
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APPROVING THE ISSUANCE OF A MULTIFAMILY HOUSING REVENUE NOTE BY THE HENNEPIN COUNTY HOUSING AND REDEVELOPMENT AUTHORITY UNDER MINNESOTA STATUTES, CHAPTER 462C, AS AMENDED, TO FINANCE A MULTIFAMILY HOUSING DEVELOPMENT TO BE LOCATED WITHIN HENNEPIN COUNTY
WHEREAS, under the provisions of Minnesota Statutes, Chapter 462C, as amended (the "Act"), cities are authorized to finance multifamily housing developments through the issuance and sale of revenue obligations payable exclusively from the revenues of the multifamily housing development; and
WHEREAS, among the purposes authorized by the Act, proceeds derived from the sale of revenue obligations issued under the terms of the Act may be applied to make a loan to finance the acquisition and preparation of a site and the construction of a new, or the acquisition and rehabilitation of an existing, multifamily housing development, and in the making of loans to finance multifamily housing developments and the issuance of revenue obligations, the city may exercise any of the powers the Minnesota Housing Finance Agency may exercise under Minnesota Statutes, Chapter 462A, as amended, without limitation under the provisions of Minnesota Statutes, Chapter 475, as amended; and
WHEREAS, for purposes of the Act, the term "city" is defined to include a county housing and redevelopment authority created by special law or authorized by its county to exercise its powers pursuant to Minnesota Statutes, Section 469.004; and
WHEREAS, the Hennepin County Housing and Redevelopment Authority (the "Issuer" or "HRA") is a housing and redevelopment authority and a public body corporate and politic duly organized and existing under the Constitution and laws of the State of M...
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