Item Description:
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Terminate and forgive the portion of 2009 AHIF Agmt A091782 with Urban Homeworks associated with 620 23rd Ave N, NTE $125,000; terminate the portion of Agmt A091782 associated with 2200 6th St N, Mpls, $41,667 (recv)
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Resolution:
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BE IT RESOLVED, that the Executive Director be authorized to terminate that share of the 2009 Affordable Housing Incentive Fund (AHIF) Agreement A091782 with UHW R:R I, LLC (Urban Homeworks/Housing in Action) associated with 620 23rd Avenue North, Minneapolis, (Resolution 09-HCHRA-0013R1), and to forgive $125,000 of the Agreement amount of $250,000; that the Chair be authorized to sign any related documents to effectuate termination, forgiveness, release of declaration, and related documents on behalf of the Authority; and
BE IT FURTHER RESOLVED, that the Executive Director be authorized to terminate that share of Agreement A091782 with UHW R:R I, LLC associated with 2200 6th Street North, Minneapolis, , and to accept repayment of the pro-rata share of $41,667 of the Agreement amount of $250,000; that the Chair be authorized to sign any related documents to effectuate termination, release of declaration, and related documents on behalf of the Authority; and that the Controller be authorized to accept and disburse funds as directed.
endBackground:
Resolution 09-HCHRA-0013R1 (adopted June 2009) approved 2009 Affordable Housing Incentive Fund (AHIF) program funding (NTE $250,000) for Urban Homeworks' Rental Reclaim project (acquisition and rehabilitation of rental housing developments at scattered sites in the city of Minneapolis) and authorized the Chair and Executive Director to sign related documents in support of the project.
UHW R:RI, LLC, an affiliated entity of Urban Homeworks, executed Agreement A091782 (dated September 24, 2010) and used AHIF funding to acquire three eligible properties (620 23rd Avenue North, 1727 Emerson Avenue North, and 2200 6th Street North) totaling 12 rental units. A...
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