Laserfiche WebLink
CCHT Affordable Housing Presentation - Page 1 of 2 <br />REQUEST FOR HRA ACTION <br /> <br />Date: 3-21-06 <br />Item No: 8.c. <br />Director Approval: Agenda Section: <br /> CB Action Item Description: Support for Ramsey County CDBG Application – Central <br />Community Housing Trust – HarMar Apartments (HF0039) <br /> <br /> <br />1.0 Requested Action <br /> <br />1.1 The Central Community Housing Trust (CCHT)is requesting the Roseville HRA’s <br />resolution of support in its application to Ramsey County for $800,000 in acquisition <br />funds associated with their purchase of the Har Mar Apartments in Roseville. <br /> <br />2.0 Background <br /> <br />2.1 CCHT is a leading Twin Citie s non profit housing developer and owner of affordable <br />housing. Since 1986, CCHT has built and re novated nearly 1,300 housing units. CCHT <br />strives to provide high-quality, people-oriented design to help stabilize lives and transform <br />communities. A presentation by CCHT wa s provided to the HRA in 2005 and an <br />introduction to their possible participation in the badly needed renovation of the Har Mar <br />apartments was introduced. <br /> <br />2.2 The Har Mar Apartments are in need of major renovation and repair. The 40 year old <br />complex has been experiencing deferred maintenan ce over the years. However, this property <br />serves a great need for affordable apartment liv ing in the community. Currently the site is <br />50% vacant which indicates, even with its afford able rents, its condition is not conducive to <br />a quality living environment. <br /> <br />2.3 CCHT has a purchase agreement for the 120-unit Har Mar Apartments located at Snelling <br />and Hwy 36. CCHT plans to renovate the existing units and build new housing that <br />would result in a total of approximately 150 mixed-income rental housing units that <br />includes workforce apartments that are affordable to household earning modest wages as <br />well as those households earning higher wages. CCHT will strive to keep the units <br />affordable which is a key component of their corporate mission. However, to achieve <br />this, public assistance will be needed. <br /> <br />2.4 At this time, CCHT is not requesting a financ ial commitment from the RHRA. However, it <br />is expected that a request of funding from the RHRA will be made in the future as the project <br />proceeds. <br /> <br /> <br />