09-12 Resolution No. 12126RESOLUTION NO. _____
RESOLUTION ADOPTING AN AFFORDABLE HOUSING TRUST FUND BUDGET
FOR THE YEAR 2023 REVISED AND 2024
WHEREAS, authorized by Minnesota State Statutes 462C.16, the City approved by
ordinance the creation of an Affordable Housing Trust Fund on May 26, 2020, and
WHEREAS, the ordinance requires the City Council to approve an annual budget
for the Affordable Housing Trust Fund.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Richfield
as follows:
1.The 2023 Revised Budget for the Affordable Housing Trust Fund is hereby
approved and adopted with appropriations as follows:
$220,000 to the Housing and Redevelopment Authority’s (HRA) First-Time
Homebuyer Program, and
$200,000 for the HRA’s New Home Program.
2.The 2024 Budget for the Affordable Housing Trust Fund is hereby approved and
adopted with appropriations as follows:
$180,000 for the HRA’s First-time Homebuyer Program;
$200,000 for the HRA’s New Home Program, and
$700,000 for development grants to affordable housing projects.
Adopted by the City Council of the City of Richfield, Minnesota this 12th day of
September, 2023.
Mary B Supple, Mayor
ATTEST:
Dustin Leslie, City Clerk
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