04-025-O
AS AMENDED

ORDINANCE NO. __________

AN ORDINANCE AUTHORIZING THE HOUSING AND REDEVELOPMENT AUTHORITY OF DULUTH TO EXERCISE POWERS UNDER MINNESOTA STATUTES, CHAPTER 462C, ON BEHALF OF THE CITY OF DULUTH.

BY COUNCILOR GILBERT:

The city of Duluth does ordain:

Section 1. The city of Duluth hereby authorizes the housing and redevelopment authority of Duluth to exercise, on behalf of the city, those powers conferred by Minnesota Statutes, Chapter 462C (municipal housing programs), to develop and administer programs of:
(a) Making or purchasing mortgage or rehabilitation loans to finance the acquisition or rehabilitation of single family housing by low and moderate income persons and families; or
(b) Making or purchasing loans to finance multi-family housing developments or the rehabilitation of multifamily housing developments.

Section 2.This ordinance shall take effect and be in force 30 days from and after its passage and publication until January 1, 2010.


STATEMENT OF PURPOSE:  This ordinance grants the Duluth HRA the power to issue tax-exempt bonds for housing developments owned by private for-profit and non-profit entities. Although the HRA was created by a resolution of the city of Duluth, the powers to assist in housing development under Chapter 462C can, pursuant to Chapter 462C, only be delegated by ordinance.