ORDINANCE NO. 260194
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Sponsor: Director of Housing and Community Development Department
Accepting recommendations of the Housing Trust Fund Board; reducing an existing appropriation by $2,979,450.00 and appropriating $2,979,450.00 from previously Appropriated Fund Balance in the Housing Trust Fund; authorizing the Manager of Procurement Services to execute various funding agreements in accordance with this Ordinance; and authorizing the Director of the Housing and Community Development Department to expend up to $2,979,450.00 from funds appropriated in the Housing Trust Fund.
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WHEREAS, Ordinance No. 240413, passed April 25, 2024, amended Section 2-1693 of like title to provide the Housing Trust Fund Board more flexibility in scheduling proposal rounds and allocating funds by certain categories, allowing the Board to deviate from the funding minimum allocations; and
WHEREAS, in addition to the priorities named in the ordinance, the Housing Trust Fund Advisory Board considered project readiness, creativity, capacity of applicant, financial feasibility, household income requirements, affordability, and the overall impact on the housing stock in their review of applications; and
WHEREAS, the contributions contemplated by the Funding Agreement are limited to those which have been determined to be needed for the purpose of ensuring that the project proceeds and, but for their contribution, the project would not proceed to the detriment of the public interest; and
WHEREAS, the Low-Income Housing Tax Credit (LIHTC) is administered by the Missouri Housing Development Commission, which issues tax credits to enable developers to secure financing for the acquisition, rehabilitation, or new construction of affordable rental housing; and
WHEREAS, the City Council authorized conditional funding awards in Ordinance No. 250631 for certain projects contingent upon the receipt of additional financing, including...
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