HomeMy WebLinkAboutEDA Resolution No. 2025-27RESOLUTTON NO.202s-27
A RESOTUTION OF THE ECONOMIC DEVETOPMENT AUTHORITY OF COLUMBIA HEIGHTS, MINNESOTA,
APPROVING THE CREATION AND IMPLEMENTATION OF THE NATURALLY OCCURRING AFFORDABTE
HOUSING (NOAH) IOAN PROGRAM.
WHEREAS, the City of Columbia Heights has a zoning code that permits multifamily dwellings in certain
designated districts, resulting in a wide variety of sizes, styles, and configurations In the types of multifamily
residential buildings that have been constructed throughout the city's history; and
WHEREAS, the timing and pattern of Columbia Heights' development have resulted in an aging housing
stock, particularly among small- to medium-sized multifamily buildings; and
WHEREAS, many of these aging multifamily properties provide Naturally Occurring Affordable Housing
(NOAH), unsubsidized rental housing that remains affordable due to market conditions rather than public
intervention; and
WHEREAS, the preservation and improvement of NOAH properties are essential to maintaining housing
affordability and preventing displacement of low- and moderate-income residents; and
WHEREAS, in 2024, the City of Columbia Heights established a Local Housing Trust Fund supported by State
allocated LocalAffordable Housing Aid (LAHA) funds, and designated the Economic Development Authority
(EDA) as the administrator of this Fund to support affordable housing initiatives within the City; and
WHEREAS, the EDA has identified the need to preserve and improve NOAH properties through the creation
of a dedicated Naturally Occurring Affordable Housing (NOAH) Loan Program (the "Program")that provides
financial assistance to multifamily property owners for necessary repairs and improvements, while ensuring
continued affordability of units; and
WHEREAS, due to limited staff capacity, the EDA seeks to partner with the Minnesota Center for Energy and
Environment (CEE), a qualified program administrator, to support the successful implementation of the
NOAH Loan Program, with CEE aiding in program design, underwriting, compliance, and ongoing
adm in istration.
NOW, THEREFORE BE lT RESOLVED that, after appropriate examination and due consideration, the
Authority hereby:
WHEREAS, NOAH units are critical components of the City's housing ecosystem, offering affordable housing
options to residents who may not qualify for or have access to income-restricted housing programs; and
1. Approves the creation and implementation of the EDA's Naturally OccurrinB Affordable Housing
(NOAH) Loan Program; and
2. Approves the form and substance ofthe Columbia Heights Naturally Occurring Affordable Housing
(NOAH) Loan Program Origination Agreement (the "Agreement"), the Program guidelines (Exhibit A),
and the Program budget (Exhibit B); and
3. Authorizes the officers, employees, and other agents of the Authority to take all actions necessaryto
perform the Authority's obligations under the Program Origination Agreement and Exhibits A and B
as a whole, including, without limitation, all acts and things required of them by or in connection with
this resolution, for the full, punctual, and complete performance of all the terms, covenants, and
agreements contained herein.
ORDER OF ECONOMIC DEVELOPMENT AUTHORITY
Adopted this 6th day of October, 2025
Offered by:
Seconded by:
Roll Call:
President
Attest:
Secr
Resolution 2025-2'l