pf_01546 - Laserfiche WebLink

Home

BRIGGS AND MORGAN Mr. James Andre Mr. Thomas Deans October 22, 1.9 84 Page 2 Among other requirements, 20% of the rental units must be occupied by or be held for occupancy by persons of "low or moderate income." A tenant qualifies as low or moderate income if their income is 80% o-i less of median income (as determined by HUD for the area in which the project is located.) 2) State Requirements: a. if Roseville has not adopted a housing plan which meets the requirements of Chapter 462C, Chapter 462C requires that a housing plan must be prepared, a public hearing on the housing plan held and the housing plan must be submitted to the Metropolitan Council for their comments; b. a public hearing must be held on the housing project after at least 15 day's prit published notice; C. the housing project must be submitted to the Minnesota Housing Finance Agency for approval; and d. 55% of the rental units must be leased to persons of moderate income, a category defined to mean persons or families whose income is equal to or less than 110% of median income for the area in which the project is located. Housing Revenue Bonds for rental housing projects are not subject to the new federal "limited bonding authority" require- ments. Therefore, this type of bond issue is not counted against the City's allocation. If the City determines that as a matter of policy it will issue housing revenue bonds for rental housing projects, I would be glad to answer any questions that City staff and the City Council may have. Customarily, when I act as bond counsel for this type of an issue, I prepare the following documents: 1. Housing Program (a description of the proposed housing project); 2. Resolution calling for a public hearing on the Housing Program and Notice of Public Hearing;