04-0243R

RESOLUTION AUTHORIZING THE CITY TO ENTER INTO A JOINT POWERS AGREEMENT WITH THE MINNESOTA HOUSING FINANCE AGENCY RELATED TO THE LOW-INCOME HOUSING TAX CREDIT PROGRAM.

BY COUNCILOR GILBERT:

RESOLVED, that the proper city officials are hereby authorized to enter into a joint powers agreement substantially in the form of the copy on file in the office of the city clerk as Public Document No. ________ with the Minnesota housing finance agency relating to the performance of certain low-income housing tax credit allocation and compliance monitoring functions, as set forth in the agreement.


STATEMENT OF PURPOSE: This resolution authorizes the City of Duluth to enter into a joint powers agreement with the Minnesota Housing Finance Agency (MHFA) concerning the administration of Low-Income Housing Tax Credits. The Duluth City Council originally approved entering into a joint powers agreement with MHFA on February 22, 1999. MHFA has revised the joint powers agreement to be uniform with all suballocators, including the City of Duluth. As is currently the case, the City of Duluth retains the ability to set the priority project and waiting list of proposed housing tax credit projects within Duluth, and the State assumes much of the responsibility in managing the program.