Coversheet

Item Coversheet


4.A.2.


Shakopee City Council May 16, 2017

FROM:	Michael Kerski
TO:	Mayor and Council Members


Subject: Letter of support from the City to the Minnesota Housing and Finance Agency for the rehabilitation and long term affordability for an existing 62-unit senior project at 1428 4th Street East.


Policy/Action Requested: Adopt Resolution 7890 authorizing submission of a letter of support for assistance from the Minnesota Housing and Finance Agency.


Recommendation: Adopt Resolution 7890 to support the application by Shakopee Village Housing Associates LLLP to the Minnesota Housing and Finance Agency.


Discussion: The current subsidy contract for this 62-unit senior project is coming to its end. The development is in need of substantial renovation and accessibility upgrades since it serves a vulnerable population. The developer has the project under contract and is proposing to receive financial assistance in the form of tax credits from the Minnesota Housing and Finance Agency. They would renovate the property and the credits would require the project remain affordable for seniors for at least 30 years. Affordable senior housing has been identified as an ongoing need of the community. All of the current senior projects are at nearly 100% occupancy.


Budget Impact: N/A

ATTACHMENTS:
	Description
	Resolution of support