11-15 HRA Resolution No. 1413HRA RESOLUTION NO. 1413
RESOLUTION AUTHORIZING THE TRANSFER OF SALES PROCEEDS TO THE
AFFORDABLE HOUSING TRUST FUND
WHEREAS, The City of Richfield created an Affordable Housing Trust Fund,
pursuant to Minnesota Statutes Section 462C.16, on May 26, 2020, to promote the
development of additional affordable housing within the City, the development and
preservation of affordable housing in the community, and assist individuals with rental
and down payment assistance; and
WHEREAS, the Housing and Redevelopment Authority (HRA) sold property
located within the Cedar Point II redevelopment area in November of 2020 and
collected sales proceeds as a result of the sale; and
WHEREAS, the sales proceeds were deposited in the HRA General Fund; and
WHEREAS, the HRA had several financial obligations relating to the purchase of
property for the Cedar Point II redevelopment project that were met with a portion of the
sales proceeds; and
WHEREAS, having met those financial obligations, sales proceeds remain to be
spent on HRA-approved activities; and
WHEREAS, the HRA desires to promote affordable home ownership through its
New Home Program and by providing down payment assistance to low and moderate
income buyers.
NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of the
Housing and Redevelopment Authority in and for the City of Richfield, Minnesota as
follows:
1. The Housing and Redevelopment Authority authorizes the transfer of $640,000 in
sales proceeds from the Cedar Point II redevelopment project area from the HRA
General Fund to the City’s Affordable Housing Trust Fund for affordable
homeownership opportunities.
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 15th day of November, 2021.
Mary B. Supple, Chair
ATTEST:
Maria Regan Gonzalez, Secretary