07-1020r
HRA RESOLUTION NO.1 020
RESOLUTION AUTHORIZING THE USE OF A $40,000 AFFORDABLE HOUSING
INCENTIVE FUND LOAN FOR THE DEVELOPMENT AT 7201 NICOLLET AVENUE
WHEREAS, Hennepin County Housing and Redevelopment Authority (HCHRA) in
Resolution No. 05-HCHRA-8 has approved the use of a $40,000 Affordable Housing
Incentive Fund loan for the 7201 Nicollet Avenue project, contingent upon the Richfield
Housing and Redevelopment Authority's consent to the HCHRA's participation in the
project; and
WHEREAS, the 7201 Nicollet Avenue project will increase/preserve the supply of
affordable housing in the City of Richfield by providing two affordable single-family homes;
and
WHEREAS, the loan from the HCHRA will complete the financing required for the
project to go forward.
BE IT RESOLVED, that the participation of the Hennepin County Housing and
Redevelopment Authority in the project is hereby approved.
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 17th day of September, 2007.
ATTEST:
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Donna Drummond, Secretary