11-23 Resolution No. 11899RESOLUTION NO. 11899
RESOLUTION ACCEPTING THE TRANSFER OF HOUSING AND
REDEVELOPMENT AUTHORITY 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 a
portion of which was spent on financial obligations relating to the purchase of property
and a portion of which are available to be spent on other 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; and
WHEREAS, on November 15, 2021, the HRA approved the transfer of $640,000
in sales proceeds from the HRA General Fund to the Affordable Housing Trust Fund to
be used on affordable homeownership activities.
NOW, THEREFORE, BE IT RESOLVED
1. The City Council hereby accepts the transfer of $640,000 in sales proceeds
from the HRA General Fund to the City's Affordable Housing Trust Fund for
affordable homeownership opportunities.
2. The City shall deposit such transferred funds into the Affordable Housing
Trust Fund to be used for affordable housing purposes.
Adopted by the City Council of the City of Richfield, Minnesota this 23rd day of
November, 2021.
N
Mary B. 9upple, Mayor Pro Tempore
ATTEST:
Kari Sinning, City Clerk