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Home My WebLink About1698ORDINANCE NO. 1698 BEING AN ORDINANCE ESTABLISHING A LOCAL HOUSING TRUST FUND AND DESIGNATING THE COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY AS THE ADMINISTRATOR OF The City of Columbia Heights does ordain: (a) Preamble. To provide the City of Columbia Heights (the "City") with additional tools to support the rehabilitation and preservation of existing affordable housing within the City, and promote the development of additional affordable housing within the City, the City has determined to create a Local Housing Trust Fund. (b) Establishing a Local Housing Trust Fund. Pursuant to the authority granted to the City under Minnesota Statutes section 462C.16, a local housing trust fund is established in the City (the "Local Housing Trust Fund"). (c) Funding Sources. The Local Housing Trust Fund shall be funded, in part, by an annual allocation of funds from the local affordable housing aid received from the Metropolitan Region Sales and Use Tax established in Minnesota Statutes section 297A.9925 and administered via Minnesota Statutes section 477A.35, as approved by the City Council (the "Affordable Housing Aid"). Other sources of funding may include, but are not limited to: 1. donations; 2. bond proceeds; 3. grants and loans from a state, federal, or private source, including the Minnesota Housing Finance Agency's Local Housing Trust Fund Grants Program (the "Grant Program"); 4. appropriations by a local government; 5. investment earnings of the Local Housing Trust Fund; and 6. housing and redevelopment authority levies. (d) Purpose of Local Housing Trust Fund. Ordinance 1698 City of Columbia Heights - Ordinance Page 2 The City may use funds from the Local Housing Trust Fund to administer to or assist proposed projects or programs to develop or preserve affordable housing for persons of very low to moderate income, whose income does not exceed 115% of the most recent total median family income for Minnesota issued by the Department of Housing and Urban Development, as required by the Grant Program. Affordable Housing Aid funds must be used in accordance with the affordability and other requirements of Minnesota Statutes section 477A.35. In addition to any specific requirements of Minnesota Statutes section 477A.35 or the Grant Program, funds in the Local Housing Trust Fund may be used only to: 1. pay for administrative expenses, but not more than ten percent of the balance of the funds in the Local Housing Trust Fund may be spent on administration; 2. make grants, loans, and loan guarantees for the development, rehabilitation, or financing of housing; 3. match other funds from federal, state, or private resources for housing projects; or 4. provide down payment assistance, rental assistance, and home buyer counseling services. (e) Administration of Affordable Housing Trust Fund. The Economic Development Authority of Columbia Heights, Minnesota (the "EDA") shall administer the Affordable Housing Trust Fund on behalf of the City. The EDA shall determine the terms and conditions of grants, loans, and loan guarantees for the development, rehabilitation, or financing of housing from the Affordable Housing Trust Fund, including the appropriate security and interest, if any, and whether repayment is required. Interest on loans and grants shall be as established by the EDA from time to time or at the time of approval of a specific project or program. The EDA shall report annually to the City on the use of the funds in the Affordable Housing Trust Fund, including the number of loans and grants made, the number and types of residential units assisted, and the number of households for which rental assistance, down payment assistance or home buyer counseling services were provided. The City shall post the annual report on its Website. (f) Council Action. The City Council of the City of Columbia Heights hereby ordains the establishment and implementation of the Affordable Housing Trust Fund. (g) Effective Date. Ordinance 1698 City of Columbia Heights - Ordinance Page 3 This ordinance shall be in full force and effect 30 days after the date of its passage. First Reading: May 15, 2024 Offered by: Buesgens Seconded by: Jacobs Roll Call: All Ayes — Spriggs Absent Second Reading: May 28, 2024 Offered by: Buesgens Seconded by: Jacobs Roll Call: All Ayes Date of Passage: Am da Marquez Simula, Mayor Attest: i Sara Ion, City Clerk/Council Secretary Ordinance 1698 SUMMARY OF ORDINANCE NO. 1698 BEING AN ORDINANCE ESTABLISHING A LOCAL HOUSING TRUST FUND AND DESIGNATING THE COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY AS THE ADMINISTRATOR OF THE FUND The City Council for the City of Columbia Heights, Minnesota adopted Ordinance No. 1698 on May 28, 2024. The purpose of this ordinance is to establish a Local Housing Trust Fund and designate the Columbia Heights Economic Development Authority (EDA) as the administrator of the fund. The Local Housing Trust Fund aims to support the rehabilitation and preservation of existing affordable housing and promote the development of additional affordable housing within the City. The funds will be used to develop or preserve affordable housing for persons with incomes not exceeding 115% of the median family income for Minnesota. Allowable uses include administrative expenses (up to 10% of the fund balance), grants, loans, loan guarantees, matching other funds, and providing down payment assistance, rental assistance, and home buyer counseling services. The EDA will administer the fund, determine the terms and conditions for financial assistance, and report annually to the City Council on fund usage. The annual report will be posted on the City's website. This is a summary of Ordinance No. 1698. A copy of the entire text of the Ordinance is available for public inspection during regular office hours at City Hall, by standard or electronic mail, or at www.columbiaheightsmn.gov. Attest: Sara Ion, City Clerk/Council Secretary 4Ada Ma ez Simula, Mayor AFFIDAVIT OF PUBLICATION STATE OF MINNESOTA ) ss COUNTY OF ANOKA Rhonda Herberg being duly sworn on an oath, states or affirms that he/she is the Publisher's Designated Agent of the newspa- pers) known as: BSLP Col Hght Frid Life with the known office of issue being located in the county of: ANOKA with additional circulation in the counties of: RAMSEY 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 06/21/2024 and the last insertion being on 06/21/2024. 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 circulation is in the latter county. B Designated AgeiA Subscribed and sworn to or affirmed before me on 06/21/2024 by Rhonda Herberg. Notary � l JA ll�tKr Public r11 Y Gonnni,�ion k:cpi,'e3 ,1E - d"sv v+n n an Rate Information: (1) Lowest classified rate paid by commercial users for comparable space: $999.99 per column inch CITY OF COLUMBIA HEIGHTS SUMMARY OF ORDINANCE NO. 1698 BEING AN ORDINANCE ESTABLISHING A LOCAL HOUSING TRUST FUND AND DESIGNATING THE COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY AS THE ADMINISTRATOR OF THE FUND The City Council for the City of Columbia Heights, Minnesota ad- opted Ordinance No. 1698 on May 28. 2024. The purpose of this ordinance is to establish a Local Housing Trust Fund and designate the Columbia Heights Economic Development Authority (EDA) as the administra- tor of the fund. The Local Housing Trust Fund aims to support the rehabilitation and preservation of existing affordable housing and promote the development of ad- ditional affordable housing within the City. The funds will be used to develop or preserve affordable housing for persons with incomes not exceeding 115% of the medi- an family income for Minnesota. Allowable uses include adminis- trative expenses (up to 10% of the fund balance), grants, loans, loan guarantees, matching other funds, and providing down payment as- sistance, rental assistance, and home buyer counseling services. The EDA will administer the fund, determine the terms and conditions for financial assistance, and report annually to the City Council on fund usage. The annual report will be posted on the City's website. This is a summary of Ordinance No. 1698. A copy of the entire text of the Ordinance is available for public inspection during regular office hours at City Hall, by stan- dard or electronic mail, or at www. columbiaheightsmn.gov. Attest: Amada Marquez Simula, Mayor Sara Ion, City Clerk/Council Secretary Published in The Life June 21, 2024 1403503 Ad ID 1403503