Item Description:
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Neg Agmt PR00007995 with Affordable Housing Connections, Inc to provide annual compliance monitoring services for affordable rental housing projects; 01/01/26-12/31/28, NTE $250,000
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Resolution:
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BE IT RESOLVED, that the Executive Director be authorized to negotiate Agreement PR00007995 with Affordable Housing Connections, Inc. to provide annual compliance monitoring services for Hennepin County Housing and Redevelopment Authority affordable rental housing projects, during the period January 1, 2026 through December 31, 2028, with a not to exceed amount of $250,000; that following review and approval by the County Attorney's Office, the Chair be authorized to sign the agreement on behalf of the Authority; and that the Controller be authorized to disburse funds as directed.
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Background:
The Hennepin County Housing and Redevelopment Authority (HCHRA) established the Affordable Housing Incentive Fund (AHIF) in 2000 to support the preservation and development of affordable housing opportunities in Hennepin County. In 2018, the HCHRA established the Supportive Housing Strategy to support the development of supportive housing targeted to Hennepin County-identified priority populations. In 2022, Hennepin County allocated the HCHRA $40,000,000 for affordable housing development in one-time funding made possible by the American Rescue Plan Act. These programs have assisted in the creation or preservation of 276 affordable properties, including 12,356 affordable housing opportunities.
The capital contributions to these properties require affordability restrictions for a minimum of 30 years, as secured with mortgage and land use restrictions. Since 2000, county staff have completed all monitoring of the affordability restrictions and servicing of the loans. This requirement has become untenable as a) the portfolio size continues to increase, b) maturing loans require modifications, c) the economic environment stresses more propertie...
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