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1 <br /> <br />NOAH GROW FUND OVERVIEW <br /> <br />The Washington County Community Development Agency (the "Agency") is committed to the <br />development of affordable housing. The Agency established the GROW Fund (Growing <br />Affordable Rental and Owner Occupied Housing in Washington County) in 2005 to assist in the <br />construction, rehabilitation, and preservation of affordable rental and owner-occupied housing. <br />The GROW Fund meets the requirements of a Local Housing Trust Fund in accordance with <br />MN Statute §462C.16. In response to the growing number of unsubsidized naturally occurring <br />affordable housing (NOAH) properties with rising rent levels and the volume of currently <br />subsidized affordable units reaching the end of their affordability terms, the Agency has <br />established a set-aside of the GROW Fund specifically dedicated to assist in the preservation of <br />NOAH and expiring affordable housing units. The NOAH GROW Fund is available to provide <br />low-cost financing for projects implemented by eligible public or private entities with the <br />capacity to preserve and operate affordable housing developments. <br /> <br />Fund Purpose <br /> <br />The NOAH GROW Fund is available to: <br />• Provide low cost financing to preserve housing units with rents affordable at or below <br />60% of Area Median Income (AMI) <br />• Maintain the physical condition and value of aging rental developments <br />• Demonstrate local commitment to affordable housing to state and federal funding <br />partners; and/or <br />• Leverage public and private sector funds. <br /> <br />Delegation of Authority <br /> <br />The Agency's Board of Commissioners has established this policy to guide the use of the NOAH <br />GROW Fund. Agency staff are responsible for ensuring that funds are provided only to eligible <br />applicants and expended only for allowable costs. NOAH GROW Funds for acquisition <br />proposals shall be administered on a programmatic basis, acknowledging the time-sensitivity <br />involved in acquiring a property listed for sale. The Board of Commissioners delegates authority <br />to the Executive Director to approve the award of NOAH GROW funds for acquisition up to the <br />amount of uncommitted funds available. The Executive Director or delegated staff shall notify <br />the Board of Commissioners of the proposed acquisition. NOAH GROW Fund awards for <br />property renovations will be presented by Agency staff to the Board of Commissioners for an <br />approval decision at a scheduled meeting. <br /> <br />Capitalization of the NOAH GROW Fund <br /> <br />The NOAH GROW Fund is a set-aside of the Agency’s GROW fund. NOAH GROW Fund <br />sources consist of, but are not limited to, those listed below. NOAH GROW funding awards <br />must meet the statutory requirements of the applicable funding source(s). <br /> <br />• State and Local Affordable Housing Aid: Funds allocated by the State of Minnesota to <br />Washington County via the Local Affordable Housing Aid and Statewide Local Housing <br />Aid Acts, MN Statutes §477A.35 and §477A.36, respectively. <br />• CDA Levy: The Agency established the GROW Fund by appropriating funds through the <br />Agency's special benefit levy. The Agency evaluates its commitment to the GROW <br />Fund on an annual basis through the adoption of its annual budget.