CCP 09232024 - Laserfiche WebLink

Home

REQUEST FOR COUNCIL ACTION Date: 9/23/2024 Item No.: 10.f. Department Approval City Manager Approval Item Description: Adopt a Resolution authorizing the Roseville Economic Development Authority to apply for Metropolitan Council Livable Communities affordable homeownership funds on behalf of the City 1 2 Background 3 The Roseville Economic Development Authority (REDA) entered into a partnership with Twin Cities 4 Habitat for Humanity (TCHFH) to provide first time affordable homeownership opportunities through a 5 Community Land Trust (CLT) partnership on November 8, 2021. In addition to putting the land into a 6 trust, the cost of rehabilitation for the homes necessitates additional gap funds to ensure affordability for 7 first-time home buyers. To that end, the REDA applied for Metropolitan Council Local Housing Incentives 8 Account (LHIA) Affordable Homeownership Pilot funds in October of 2022 and was successful, receiving 9$300,000. While those funds have been depleted, they helped write down the purchase price of five 10 homes this last year for new buyers. 11 12 The Metropolitan Council discontinued the pilot program and created the Livable Communities 13 Affordable Homeownership program, whose applications are due October 1, 2024. As is customary with 14 many grant applications, a resolution authorizing support for the grant application is required. The 15 attached resolution authorizes the REDA to apply for funds on behalf of the City to use for the CLT 16 program. 17 18 Policy Objectives 19 The City established an REDA to coordinate and administer housing, economic development and 20 redevelopment efforts for the City of Roseville. 21 22 Equity Impact Summary 23 Establishment of the Community Land Trust partnership with TCHFH was in an effort to create and 24 maintain affordable homeownership opportunities. The program assists families making 80% or less of 25 area median income (AMI). To date, the program has closed on nine homes, assisting families at 60% 26 or less of AMI. The program is addressing affordable homeownership that would not otherwise be 27 available in the market. 28 29 Budget Implications 30 If the funds are received, they will be used to assist with the REDA's existing fund balance of the 31 Housing Replacement/Single Family Construction fund, which is where the REDA's gap funding for the 32 land trust partnership with Twin Cities Habitat for Humanity is paid for. 33 34 Staff Recommendations 35 Authorize the REDA to apply for LCA Homeownership funds to assist the CLT program with TCHFH. 36 37 Requested Council Action Page 1 of 2 Qbhf!339!pg!345