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LEONARD <br /> STREET <br /> AND <br /> Powers and Duties of HRAs DEINARD <br /> • <br /> 4. The project must provide housing for either the elderly or for individuals and <br /> families with incomes not greater than 80% of the median family income for the <br /> applicable metropolitan statistical area. If, after three years, the project is having <br /> unanticipated vacancies, units may be rented to non-qualifying tenants. <br /> C. Tax Increment Bonds. Pursuant to Sections 469.174 through 469.179, HRAs are <br /> authorized to create tax increment financing districts to provide a source of funding for its <br /> projects. The HRA may issue its general obligation or revenue bonds secured by the tax <br /> increment, or the city may issue its general obligation bonds, secured by a pledge from the HRA <br /> of the tax increment. The tax increment and the proceeds of tax increment bonds may be used to <br /> pay "public redevelopment costs", defined as the entire cost of a housing project, housing <br /> development project or interest reduction project. <br /> D. Conduit Financing. <br /> 1. Housing Revenue Bonds. County HRAs or any municipal HRA which has <br /> been authorized by ordinance of its city to exercise powers under Chapter 462C may <br /> issue single family mortgage revenue bonds or multifamily housing revenue bonds. The <br /> proceeds of single family mortgage revenue bonds are used to provide a secondary <br /> market for b elow m arket r ate m ortgages made t o 1 ow and moderate income first time <br /> • homebuyers. The proceeds of multifamily housing revenue bonds are loaned to <br /> developers to finance the construction or acquisition and rehabilitation of multifamily <br /> housing facilities. <br /> 2. Industrial Development Bonds. HRAs are authorized under Sections 469.152 <br /> to 469.1651 to issue revenue bonds to finance manufacturing projects. The bonds must <br /> be secured by a revenue agreement with a developer pursuant to which the developer will <br /> make payments sufficient to pay debt service on the bonds. <br /> IV. RULES OF CONDUCT FOR HRAS. <br /> A. OPEN MEETING LAW: <br /> 1. Controversies regarding violations of Open Meeting L aws are embarrassing <br /> and typically arise in the when emotions are high, either because of politics in general or <br /> the consideration of a divisive issue. The penalties include removal from office and <br /> potentially the costs of defending claims of violations. The rules, as summarized below, <br /> are fairly simple and apply whenever enough commissioners to constitute a quorum <br /> are in the same place (even if it is around a the drinking fountain). <br /> 2519777v1 <br /> 5 <br />