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<br />. <br /> <br />CITY OF ELK RIVER <br /> <br />HOUSING FINANCE PROGRAM <br /> <br />Proposal Authoritv. This housing finance program (the <br />"Program") is undertaken by the City of Elk River (the "City") to <br />finance a Project (as defined and described in this document) to <br />be owned and operated by West Suburban Housing Partners II <br /> <br />Limited Partnership, a Minnesota corporation (the "Company"). <br /> <br />The City expects to issue multifamily housing development revenue <br /> <br />bonds (the "Bonds") pursuant to Minnesota Statutes, Chapter 462C, <br /> <br />to assist in financing the Project. <br /> <br />General Description of the Proqram and Location. The City <br /> <br />anticipates loaning the proceeds of the Bonds to the Company to <br />. finance the acquisition and renovation of an 18 unit housing <br />facility located at 11755 191 ~ Avenue Northwest in the City and <br />a 54 unit housing facility located at 300, 340 and 380 Third <br /> <br />Street Northwest in the City (collectively, the "project"). In <br /> <br />accordance with the requirements of Minnesota Statutes, Section <br /> <br />462C.05, subdivision 1, the Company shall covenant that the costs <br /> <br />of rehabilitation will be at least $1,000 per unit or 20 percent <br /> <br />. <br /> <br />of the appraised value of the project, whichever is less. <br /> <br />in accordance with applicable development restrictions, and all <br /> <br />Operation of proiect. The Company will operate the Project <br /> <br />new construction is subject to applicable state and local <br /> <br />building codes. The Company will rent either (a) 40% of the <br /> <br />units in the Project to individuals or families with gross <br />_. incomes that do not exceed 60% of area median income, or (b) 20% <br />of the units in the project to individuals or families with gross <br /> <br />1099040.2 <br />