HomeMy WebLinkAbout2019-04-11 Ordinance No. 2019-07 Establishing Affordable Housing Trust FundBy
Designated Agent
Notary Public
' DARLENE MARIE MACPHERSON
Notary Public
Minnesota
„„it, My Commission Expires Jenny 31, 2024
AFFIDAVIT OF PUBLICATION
STATE OF MINNESOTA ) ss
COUNTY OF HENNEPIN
Elise Strecker being duly sworn on an oath,
states or affirms that he/she is the Publisher's
Designated Agent of the newspaper(s) known
as:
SC Edina
with the known office of issue being located
in the county of:
HENNEPIN
with additional circulation in the counties of:
HENNEPIN
and has full knowledge of the facts stated
below:
(A) The newspaper has complied with all of
the requirements constituting qualifica-
tion as a qualified newspaper as provided
by Minn. Stat. §331A.02.
(B) This Public Notice was printed and pub-
lished in said newspaper(s) once each
week, for 1 successive week(s); the first
insertion being on 04/11/2019 and the last
insertion being on 04/11/2019.
MORTGAGE FORECLOSURE NOTICES
Pursuant to Minnesota Stat. §580.033
relating to the publication of mortgage
foreclosure notices: The newspaper complies
with the conditions described in §580.033,
subd. 1, clause (1) or (2). If the newspaper's
known office of issue is located in a county
adjoining the county where the mortgaged
premises or some part of the mortgaged
premises described in the notice are located,
a substantial portion of the newspaper's
cir t n is in he latter county.
Subscribed and sworn to or affirmed before
me on 04/11/2019 by Elise Strecker.
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Ad ID 923666
CITY OF EDINA
ORDINANCE NO. 2019-07
AN ORDINANCE
ESTABLISHING AN
AFFORDABLE HOUSING
TRUST FUND CHAPTER 2
THE CITY COUNCIL OF EDINA
ORDAINS:
Section 1. Chapter 2, of the Edi-
na City Code is amended by adding
Article X to provide as follows:
Article X. AFFORDABLE HOUS-
ING TRUST FUND
2-790. Definitions. The following
definitions apply in this Article.
Persons of very low income
means families and individuals
whose incomes do not exceed 50
percent of area median income, as
median income was most recently
determined by the United States
Department of Housing and Urban
development for the Minneapo-
lis-St. Paul Bloomington, Minneso-
ta-Wisconsin Metropolitan Statis-
tical Area, as adjusted for smaller
and larger families.
Persons of low income means
families and individuals whose in-
comes do not exceed 80 percent
of the area median income, as
median income was most recently
determined by the United States
Department of Housing and Urban
development for the Minneapo-
lis-St. Paul Bloomington, Minneso-
ta-Wisconsin Metropolitan Statis-
tical Area, as adjusted for smaller
and larger families.
Persons of moderate income
means families and individuals
whose incomes exceed 80 per-
cent, but do not exceed 120 per-
cent, of area median income, as
median income was most recently
determined by the United States
Department of Housing and Urban
development for the Minneapo-
lis-St. Paul-Bloomington, Minneso-
ta-Wisconsin Metropolitan Statis-
tical Area, as adjusted for smaller
and larger families.
Total Buy-in Fee mean the cash
payment made by developers in
lieu of providing affordable hous-
ing units per the Edina Affordable
Housing Policy.
2-791. Pursuant to the author-
ity granted to the city under Min-
nesota Statutes Section 462C.16,
an affordable housing trust fund is
established to provide loans and
grants to for-profit and non-profit
housing developers for the acqui-
sition and capital and soft costs
necessary for the creation of new
affordable renter and owner-occu-
pied housing, and for the acquisi-
tion, rehabilitation and preservation
of existing multi-family residential
rental housing including Natural-
ly Occurring Affordable Housing
(NOAH).
2-792. The Affordable Housing
Trust Fund shall be funded from
multiple sources including:
(a) Total Buy-in funds from De-
velopers.
(b) Private cash donations from
individuals and corporations des-
ignated for the Affordable Housing
Trust Fund.
(c) Payments in lieu of participa-
tion in current or future affordable
housing programs.
(d) Matching funds from a feder-
al or state affordable housing trust
fund; or a state program designat-
ed to fund an affordable housing
trust fund.
(e) Principal and interest from
Affordable Housing Trust Fund loan
repayments and all other income
from Trust Fund activities.
(t) The sale of real and personal
property.
(g) Local government appropria-
tions, development fees and other
funds as designated from time to
time by the city council.
(h) Tax Increment Finance (TIF)
pooled funds.
2-793 The city may use money
from the Affordable Housing Trust
Fund to assist proposed projects
or programs to develop or preserve
affordable housing for persons of
very low, low and moderate income
to include:
(a) Making loans at interest rates
below or at market rates in order to
strengthen the financial feasibility
of proposed projects.
(a) Guaranteeing of loans.
(b) Providing gap financing for
affordable housing developments.
(c) Financing the acquisition,
demolition, and disposition of prop-
erty for affordable housing projects.
(d) Financing the rehabilitation,
remodeling, or new construction of
affordable housing.
(e) Funding to facilitate afford-
able homeownership opportunities
including down payment assis-
tance, second mortgages, closing
costs, etc.
(f) Interim financing of public
costs for affordable housing proj-
ects in anticipation of a permanent
financing source (i.e. construction
financing, bond sale, etc.)
(g) Other uses as permitted by
law and approved by the city coun-
cil.
2-794. The city shall determine
the terms and conditions of re-
payment of loans and grants from
the Affordable Housing Trust Fund
including the appropriate security
and interest, if any, should repay-
ment be required. Interest on loans
and grants shall be as established
by the city from time to time or at
the time of approval of a specific
project or program.
2-795. The Affordable Housing
Trust Fund shall report annually to
the city on the use of the Afford-
able Housing Trust Fund account
including the number of loans and
grants made, the number and types
of residential units assisted through
the account, and the number of
households for whom rental as-
sistance payments were provided.
The city shall post the report on its
Web site.
2-796. This Ordinance shall take
effect upon passage and publica-
tion.
ATTEST:
Sharon Allison, City Clerk
James B. Hovland, Mayor
Published in the
Sun Current
April 11, 2019
923666