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[COMMITTEE SUBSTITUTE FOR]ORDINANCE NO. 250402, AS AMENDED
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Sponsor: Councilmember Melissa Robinson
COMMITTEE SUBSTITUTE
Appropriating $1,500,000.00 from the Unappropriated Fund Balance of the Housing Trust Fund for the purpose of providing funds for the Olive Street / Promise Place housing project consisting of 85 units; designating requisitioning authority; conditioning funding on the application and award of low-income housing tax credits (LIHTC) by December 31, 2025; and recognizing this ordinance as having an accelerated effective date.
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WHEREAS, the City Council passed Committee Substitute for Ordinance No. 210695 and Committee Substitute for Ordinance No. 210696 on September 23, 2021, each of which provided potential funding sources for Third District housing projects to include Olive Street Housing and Forest Street Housing in Beacon Hill; and
WHEREAS, the prior ordinances proposed the use of General Obligation Question 1 bond proceeds to assist with infrastructure funding and, therefore estimated and appropriated bond proceeds for that purpose; however, the project is not in need of proceeds which would be restricted to infrastructure nor have any infrastructure needs been included in the City's Five Year Capital Improvement Plan for this project; and
WHEREAS, the Housing Trust Fund ("HTF") was established to provide financing for the preservation and production of affordable housing for very low-income to moderate-income households; and
WHEREAS, the Low-Income Housing Tax Credit (LIHTC) is a federal program administered by the Missouri Housing Development Commission that 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 passed Committee Substitute for Ordinance No. 210695, which appropriated $2,666,667.00 from the Unappropriated Fund Balance o...
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