Item Description:
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Terminate and forgive AHIF Agmts A091088 and A101057, with Alliance Housing for the Scattered Site 8 Portfolio in Mpls
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Resolution:
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BE IT RESOLVED, that the Executive Director be authorized to terminate Affordable Housing Incentive Fund (AHIF) Grant Agreement A091088 with Alliance Housing Incorporated for the Alliance Scattered Site 8 Portfolio in South Minneapolis with a not to exceed amount of $578,000; accept repayment of the pro-rata share of approximately $251,496 related to three of the eight properties in the portfolio; forgive the pro-rata share of up to $326,504 related to five of the eight properties in the portfolio; remove rental affordability restrictions on at least three of the eight properties; and remove and replace rental affordability restrictions on up to five of the eight properties with homeownership restrictions requiring purchase by owner occupants with incomes at or below 80 percent of the area median income; that following review and approval by the County Attorney's Office, the Chair be authorized to sign any related documents to effectuate forgiveness, grant termination and release of declaration on behalf of the Authority; and that the Controller be authorized to accept and disburse funds as directed; and
BE IT FURTHER RESOLVED, that the Executive Director be authorized to terminate AHIF Grant Agreement A101057 with Alliance Housing Incorporated for the Alliance Scattered Site 8 Portfolio in South Minneapolis with a not to exceed amount of $75,000; accept repayment of the pro-rata share of approximately $32,634 related to three of the eight properties in the portfolio; forgive the pro-rata share of up to $42,366, related to five of the eight properties in the portfolio; remove rental affordability restrictions on at least three of the eight properties; and remove and replace rental affordability restrictions on up to five of the eight properties with homeownership restrictions requiring purchase ...
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