BY COUNCILOR GILBERT:
RESOLVED, that the proper city officials are hereby authorized to enter into an amendment substantially in the form of the copy on file in the office of the city clerk as Public Document No. __________ to the low-income housing tax credit program joint powers agreement with the Minnesota housing finance agency (MHFA) extending the term thereof.
STATEMENT OF PURPOSE: The Duluth city council originally approved entering into a joint powers agreement with MHFA on February 22, 1999, pursuant to which MHFA performed certain low-income housing tax credit allocation and compliance monitoring functions. The city of Duluth retains the ability to set the priority project priority and waiting list of proposed housing tax credit projects within Duluth. The term of the agreement expired on December 31, 2004. This resolution authorizes an amendment extending the term of the joint powers agreement to December 31, 2005.