Laserfiche WebLink
GUIDELINES FOR RAMSEY COUNTY <br />HOUSING ENDOWMENT FUND <br />Purpose <br />Ramsey County recognizes the need to increase the supply of affordable and accessible <br />housing, especially for low and moderate-income families and those who need <br />supportive housing services. Ramsey County also realizes that it is becoming <br />increasingly difficult to produce affordable housing units without government <br />participation. Land acquisition and construction costs have risen dramatically while real <br />earnings of lower-income families continue to fall. Ramsey County Housing Endowment <br />Funds will be used in conjunction with other public and private financing to reduce the <br />gap between capital costs and revenues. The fund will help assure that housing choice <br />is available to everyone throughout Ramsey County, including our lowest income <br />households. <br />Eligibility <br />Private for profit and not-for-profit developers may present pro-formas which include any <br />or all of the following items when requesting endowment funds for capital investment <br />necessary to finance a proposed development. <br />1. Site acquisition, soil remediation and site preparation, <br />2. Construction of residential units, <br />3. Acquisition and/or rehabilitation of tax-forfeited and/or other properties where there <br />are unoccupiable units which will be placed back in service upon completion of the <br />project, <br />4. Provision of common space for the new units to meet the needs of the resident <br />population, and <br />5. Addressing the special requirements of municipalities. <br />Administration <br />1. The Ramsey County Housing and Redevelopment Authority (HRA) staff will <br />administer the Housing Endowment Fund by working directly with developers in <br />cooperation with municipalities who are proposing projects in Ramsey County <br />suburban communities. For projects that will located within Saint Paul, Ramsey <br />County staff will work with St. Paul Planning and Economic Development <br />Department and developers of city projects. <br />Proposals will be accepted throughout the year as funding is available. However, <br />2. <br />projects that also propose to use funds available from the Department of Housing <br />and Urban Development will be encouraged to coordinate submission annually at the <br />same time that the County HRA or the City of Saint Paul accepts proposals for <br />Community Development Block Grant (CDBG) and Home Investment Partnership <br />(HOME) funds. The Ramsey County approval process to award Housing Endowment <br />Fund projects will also be coordinated with the existing super Request for Proposal <br />review by the Minnesota Housing Finance Agency to the extent feasible to avoid <br />unnecessary administrative reviews for project developers. <br />Housing Endowment Fund Rev. 12/19/03 <br /> <br />