Laserfiche WebLink
Sample Peer Policy for Ramsey Review <br />OVERVIEW <br />The Washington County Housing and Redevelopment Authority (the "Authority") is committed to <br />the development of affordable rental and homeownership housing for low and moderate -income <br />households and promoting redevelopment. The Authority will assist in the development, <br />acquisition and rehabilitation, or acquisition and preservation of multifamily rental and single- <br />family homeownership housing as well as redevelopment projects through the "Gap Financing <br />for Redevelopment and Rental and Owner Occupied Housing in Washington County" fund or <br />GROW Fund. GROW funds will be available to fill financing gaps for projects implemented by <br />eligible public or private entities with the capacity to develop affordable housing and/or <br />redevelop distressed property. <br />Section I —Fund Purpose <br />The GROW Fund is designed to provide financial resources to create or preserve affordable <br />housing throughout Washington County for households who incomes are below 80% of the area <br />median income (AMI) as defined by the U.S. Department of Housing and Urban Development <br />(HUD) for the Minneapolis / Saint Paul metropolitan area. Note that HUD adjusts AMI <br />guidelines on an annual basis and Grow Fund income limits will adjust accordingly. <br />The Fund provides gap financing that can be used to leverage public and private sector funds <br />for the construction of new or preservation of affordable housing units in Washington County <br />and for the redevelopment of distressed property. The GROW Fund will be disbursed to <br />qualified applicants as a term loan, deferred loan or forgivable loan for the following uses: <br />1. New Construction/Land Acquisition <br />2. Housing Rehabilitation/Acquisition/Preservation <br />3. Homeownership Opportunities —indirect or direct assistance <br />4. Redevelopment <br />Section II —Delegation of Authority <br />The Washington County Housing and Redevelopment Authority's Board of Commissioners has <br />set guidelines to be used in accordance with the GROW Fund. Authority staff shall be <br />responsible for ensuring that funds are provided only to eligible applicants and expended only <br />for allowable costs. In addition to the establishment of the Fund, the Authority's Executive <br />Director is further authorized to create documents and execute agreements necessary to <br />implement the loan fund. <br />Section III — Capitalization of the GROW Fund <br />The GROW Fund consists of, but is not limited to, funding provided by the Authority. <br />1. Capitalization of the GROW Fund: The Authority has established the GROW Fund by <br />appropriating $150,000.00 to a gap financing program through their annual budget <br />process as of January 1, 2005. Future funding via direct county appropriation will <br />depend on the success of the Fund and the availability of funds through the Authority's <br />levy of or other sources of revenue. The Authority will consider committing an additional <br />monies to the GROW Fund upon demonstrated success of the fund. <br />2 <br />