2016-12H HRA ResolutionMOUND HOUSING AND REDEVELOPMENT AUTHORITY
RESOLUTION NO 16-12H
RESOLUTION ENDING THE ANNUAL CONTRIBUTIONS CONTRACT (ACC) WITH
HUD AND DISSOLVING THE HRA'S STATUS AS A PUBLIC HOUSING AUTHORITY
WITHIN HUD
WHEREAS, the Mound Housing and Redevelopment Authority of Mound, Minnesota
(the "HRA") operates a 50 -unit low rent public housing project known as Indian Knoll
Manor (the "Project") in the city of Mound; and
WHEREAS, the HRA maintained its status as a Public Housing Authority with the U.S.
Department of Housing and Urban Development ("HUD") and entered into an Annual
Contributions Contract ("ACC") with HUD; and
WHEREAS, the Project was approved for a HUD Rental Assistance Demonstration
("RAD") project conversion; and
WHEREAS, the RAD program allows the conversion of public housing to long-term,
project -based Section 8 rental assistance to achieve certain goals, including the
preservation and improvement of these properties through enabling access to private
debt and equity to address immediate and long-term capital needs; and
WHEREAS, the HRA has entered into a purchase agreement to sell the Project to Aeon,
a non-profit developer and operator of affordable housing and its tax credit limited
partnership, IKM Limited Partnership; and
WHEREAS, the HRA has executed a loan agreement with Aeon and its tax credit limited
partnership that will ensure that the agreed upon improvements to the Project will be
made and the Project will remain affordable;
NOW THEREFORE, BE IT RESOLVED, by the Board of the Mound Housing and
Redevelopment Authority that the Public Housing ACC contract with the US Department
of Housing and Urban Development (HUD) is terminated upon completion of the
required annual reporting for fiscal year ending December 31, 2016.
BE IT FURTHER RESOLVED that the Mound Housing and Redevelopment Authority
hereby dissolves its status as a Public Housing Authority (PHA) with regard to HUD
programs effective December 31, 2016.
Adopted this 25th day of October, 2016.
Chair Mark Wegscheid "
Attest: Catherine Pausche, Clerk