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HRA Regular Session Meeting Date: 09/27/2011 By: Jo Thieling, Administrative Services 5. 2. Title: Public Hearing related to the Adoption of a Multi -Family Rental Housing Program and Approval of a Housing Development Project Background: A public hearing notice was published in the Anoka County Union on Friday, September 9, 2011, to consider adoption of a certain Multi -Family Rental Housing Program for the HRA and the approval of a Housing Development Project, all pursuant to and in accordance with the provisions of Minnesota Statutes, Chapter 469, including without limitation Sections 469.017 and 469-0171 thereof, and the applicable provisions of Minnesota Statutes, Chapter 462C. The Multi -Family Housing Program outlines the following: 1. The need to develop moderate priced multi -family rental housing in the City 2. The description of the project being financed 3. The type of financing the HRA will be providing; and 4. How the HRA will monitor the project for compliance A formal Multi -Family Rental Housing Program is required in order for the HRA to provide loan proceeds to assist in financing the development of The COR apartments, through the issuance of up to $8,000,000 in Taxable General Obligation Tax Increment Bonds. Following public comment and discussion, the HRA will consider adoption of the resolution adopting a multi -family housing program for a housing development project. Funding Source: N/A Council Action: Motion to adopt HRA Resolution # 11-09-XXX Adopting a Multi -Family Housing Program for a Housing Development Project. Attachments Resolution Approving Housing Program Housing Program Letter from Met Council Affidavit of Public Hearing for Adoption of Multi -Family Housing program Form Review Inbox Reviewed By Date Heidi Nelson Jo Thieling 09/20/2011 01:29 PM Darren Lazan Jo Thieling 09/27/2011 04:37 PM Form Started By: Jo Thieling Started On: 09/20/2011 01:14 PM Final Approval Date: 09/27/2011