Laserfiche WebLink
.giver <br />MEMORANDUM <br />TO: Housing and Redevelopment Authority <br />FROM: Heidi Steinmetz, Assistant Director of Economic Development <br />DATE: May I6, 2005 <br />SUBJECT: Consider Small Cities Development Program (SCDP) Loan <br />Agreement <br />Attachments <br />• SCDP Loan Agreement Memo to HRA dated May 2, 2005 <br />• Draft SCDP Loan Agreement including Promissory Note and Mortgage <br />• U.S. Dept. of Housing & Urban Development (HUD) Income Limits & Maximum <br />Rents, February 11, 2005 <br />Background <br />At its May 2, 2005 meeting, the HRA reviewed the attached memo regarding the draft SCDP <br />loan agreement for the Jackson Place rental housing units. Several HRA commissioners <br />expressed concerns regarding the Jackson Place tenant rent and income limits and decided to <br />table the approval of the agreement in order to discuss their concerns with MetroPlains <br />Development. Vern Hanson and John Errigo of MetroPlains will be in attendance to <br />address any questions and to discuss their tenant profile and tenant application procedures. <br />Issue <br />The following questions and answers may address some of the concerns expressed by the <br />HRA. <br />What are the details of the rent and income limits included in the SCDP loan <br />agreement? <br />Pages 4 and 8 of the attached draft SCDP loan agreement include the following verbiage: <br />Rent Limits <br />The rents will be affordable to Tenants with household incomes that do not. exceed fifty <br />percent (50%) of the Sherburne County Median Income as determined by HUD and <br />adjusted fox household size (the "County Median Income"). <br />