19-58 - 10-15 - Authorize Golden Valley 4D Affordable Housing program RESOLUTION NO. 19-58
RESOLUTION AUTHORIZING THE EXECUTION OF THE
GOLDEN VALLEY 4D AFFORDABLE HOUSING PROGRAM
WHEREAS, Minnesota Statute 273.128 allows rental properties to be eligible for a
class rate reduction in property taxes if at least 20% of the units are rent and income
restricted by a declaration recorded against the property and receive financial assistance
from a local unit of government; and
WHEREAS at the direction of the Golden Valley City Council and the Housing and
Redevelopment Authority in and for the City of Golden Valley, City staff has designed the
Golden Valley 4d Affordable Housing Program ('Ad Program"); and
WHEREAS, the 4d Program will provide financial assistance through the recording
of a rent and income restrictive declaration against the property, a one-time grant, and the
4d application fee for the first year to eligible rental properties who sign up for the program;
and
WHEREAS, the 4d Program is intended to secure affordable housing for 10 year
periods in the City of Golden Valley at 60% of the area median income as determined by
the United States Department of Housing and Urban Development; and
WHEREAS, the 4d Program is consistent with the City's goals to address the issues
of equity and affordable housing as identified in the 2040 Comprehensive Plan and City
Equity Plan.
NOW THEREFORE BE IT RESOLVED, by the City Council of Golden Valley
That the City Council authorizes the creation of the Golden Valley 4d Affordable
Housing Program to help preserve naturally occurring affordable housing in the City of
Golden Valley; and
That the City Council delegates authority to the City Manager or their designee to
make and execute Participation Agreements in the form approved by the City Attorney for
enrolling eligible properties into the 4d Program in accordance with the program's policies
and procedures established from time to time by the City Council.
Adopted by the City Council of Golden Valley, Minnesota on this 15th day of October, 2019.
5�,�k. "- —
She and M. Harris, Mayor
ATT
ST,
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Kristine A. Luedke, City Clerk