2014-03H HRA ResolutionMOUND HOUSING AND REDEVELOPMENT AUTHORITY
RESOLUTION NO. 14 -03H
RESOLUTION AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE A
RENTAL ASSISTANCE DEMONSTRATION (RAD) PROGRAM APPLICATION WITH
THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) AND
CERTIFYING AN AGREEMENT TO COMPLY WITH ALL REQUIREMENTS OF THE
PROGRAM AND PIH NOTICE 2012 -32
WHEREAS, the Rental Assistance Demonstration (RAD) program is authorized by the
Consolidated and Further Continuing Appropriations Act of 2012 (Public Law 112 -55,
approved November 18, 2011), which provided fiscal year 2012 appropriations for HUD
to support this program; and
WHEREAS, the RAID Program allows Public Housing Authorities (PHAs) to convert
public housing subsidies into a long -term, Project Based Section 8 rental assistance
subsidy that provides a stable and predictable annual subsidy; and
WHEREAS, stable and predictable revenues allow the owner to apply for Low - Income
Housing Tax Credits and other sources of financing to fund public housing renovations;
and
WHEREAS, the Mound HRA has determined that submitting a RAD application is
financially feasible and would facilitate a potential transfer to a responsible owner
committed to perseveration of affordable housing; and
WHEREAS, the Mound HRA held two resident meetings as required to inform the
residents of the Mound HRA's plan to apply for the RAD program.
NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment Authority
of and for the City of Mound, Minnesota thereby authorizes the Executive Director to
execute a Rental Assistance Demonstration (RAD) Program Application with the U.S.
Department of Housing and Urban Development (HUD) and certifying an agreement to
comply with all requirements of the program and PIH Notice 2012 -32.
Adopted this 12'h day of March, 2014
Z== ' -
Chair hfark Hanus
Attest: Catherine Pausche, Clerk