Item Description:
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Amd 1 to Agmt PR00006154 with 2116 Nicollet LLLP for the 2116 Nicollet project, ext term to 12/31/83, no change to NTE
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Resolution:
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BE IT RESOLVED, that the Executive Director be authorized to negotiate Amendment 1 to 2024 Affordable Housing Incentive Fund (AHIF) Loan Agreement PR00006154 with 2116 Nicollet LLLP for the 2116 Nicollet project, extending the contract end date from May 12, 2080 to December 31, 2083, with no change to the not to exceed amount of $1,072,000; 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 Authority; and that the Controller be authorized to disburse funds as directed.
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Background:
The Affordable Housing Incentive Fund (AHIF) Program was created by the Hennepin County Housing and Redevelopment Authority (HCHRA) Board of Commissioners in 2000 (Resolution 08-HCHRA-00) to work with municipalities, other government and nonprofit agencies, private and nonprofit developers, and other lenders to encourage the preservation and development of affordable housing opportunities throughout Hennepin County.
Resolution 24-HCHRA-0015 authorized 2024 AHIF Program Loan Agreement PR00006154 with 2116 Nicollet LLLP, an affiliate of Alliance Housing Inc, for the 2116 Nicollet project, a 50-unit affordable housing development at 2116 Nicollet Avenue in Minneapolis. The project includes 43 deeply affordable units (30% AMI), 11 of which are reserved for people exiting homelessness. Resolution 25-HCHRA-0013 amended the agreement increasing the not to exceed amount from $330,000 to $1,072,000.
The term originally authorized was May 7, 2024 through May 12, 2080. The project had originally committed to a 50-year affordability term; however, now must extend the length of affordability to 55 years to match the affordability term of the Low Income Housing Tax Credit declaration per investor requirements.
Current Reque...
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