061625 Resolution No. 1510HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF RICHFIELD, MINNESOTA
RESOLUTION NO. 1510
RESOLUTION CHANGING LOAN TERM OF DEFERRED LOAN TO FIFTEEN YEARS
WHEREAS, the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota (the "Authority") began administering the Deferred Loan Program in the 1984 for Richfield
homeowners with an income of 80% of area median income or less (the "Loan Program") to make loans
for housing maintenance and repair projects; and
WHEREAS, the interest -free Deferred Loan Program has been in effect since 1984, and the loans
provided by the Loan Program have loan terms of 30 years; and
WHEREAS, in 2004, Hennepin County began administering the Deferred Loan Program on
behalf of the Authority as part of an all -suburban Hennepin County loan program but with loan terms,
funding allocations, and loan repayments kept separate for each city; and
WHEREAS, beginning in 2026, all cities' Loan Programs will be combined into one Loan
Program with terms and funding decisions determined by Hennepin County; and
WHEREAS, all other Hennepin County cities currently have loan terms of 15 years; and
WHEREAS, changing the loan term of Richfield loans to 15 years would make the terms
consistent with those of other cities in the combined Loan Program; and
WHEREAS, there are 57 Authority loans that are currently older than 15 years, and forgiving
those loans would be consistent with the terms applied to loans in other cities; and
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:
Deferred Loans issued from this date forward will have a loan term of 15 years.
2. The Authority Chair and Executive Director are hereby authorized to execute satisfactions
for Deferred Loans over 15 years old.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this 16'b day of June, 2025.
Erin Vri x D s, Chair
ATTEST:
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