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Resolution 8928
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Resolution 8928
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Last modified
6/25/2019 10:08:28 AM
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3/14/2018 9:58:53 AM
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MV City Council
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LOCAL HOUSING INCENTIVES ACCOUNT <br />Grantee shall match on a dollar -for -dollar basis the total Grant Amount received from the Council <br />under Section 2.02. The source and amount of the dollar -for -dollar match shall be identified by the <br />Grantee in the application for grant funds. <br />2.04. Authorized Use of Grant Funds. The Grant Amount made available to the Grantee under this <br />Agreement shall be used only for the purposes and Project activities described in the application for Local <br />Housing Incentives Account funds. A Project summary that identifies eligible uses of the grant funds as <br />approved by the Council is attached to and incorporated into this Agreement as Attachment A. Grant <br />funds must be used for purposes consistent with Minnesota Statutes section 473.25(a), in a Participating <br />Municipality. <br />2.05. Ineligible Uses. Grant funds must be used for costs directly associated with the specific <br />proposed Project activities and shall not be used for "soft costs" such as: administrative overhead; <br />travel expenses; legal fees; insurance; bonds; permits, licenses, or authorization fees; costs associated <br />with preparing other grant proposals; operating expenses; planning costs, including comprehensive <br />planning costs; and prorated lease and salary costs. Grant funds may not be used for costs of Project <br />activities that occurred prior to the grant award. A detailed list of ineligible and eligible costs is <br />available from the Council's Livable Communities program office. Grant funds also shall not be <br />used by the Grantee or others to supplant or replace: (a) grant or loan funds obtained for the Project <br />from other sources; (b) Grantee contributions to the Project, including financial assistance, real <br />property or other resources of the Grantee; or (c) funding or budgetary commitments made by the <br />Grantee or others prior to the Council Action, unless specifically authorized by the Council. The <br />Council shall bear no responsibility for cost overruns which may be incurred by the Grantee or <br />others in the implementation or performance of the Project activities. The Grantee agrees to comply <br />with any "business subsidy" requirements of Minnesota Statutes sections 1 16J.993 to 116J.995 that <br />apply to the Grantee's expenditures or uses of the grant funds. <br />2.06. Loans for Low -Income Housing Tax Credit Projects. If consistent with the application <br />and the Project activities described or identified in Attachment A, or if requested in writing by the <br />Grantee, the Grantee may structure the grant assistance to the Project as a loan so the Project Owner <br />can take advantage of federal and state low-income housing tax credit programs. The Grantee may <br />use the grant funds as a loan for a low-income housing tax credit Project, subject to the terms and <br />conditions stated in Sections 2.04 and 2.05 and the following additional terms and conditions: <br />(a) The Grantee covenants and represents to the Council that the Project is a rental housing <br />project that received or will receive an award of low-income housing tax credits under <br />Section 42 of the Internal Revenue Code of 1986, as amended, and the low-income housing <br />tax credit program administered by the Minnesota Housing Finance Agency or a program <br />administered by the Minneapolis/Saint Paul Housing Finance Board or another designated <br />housing credit agency that sub -allocates low-income housing tax credits inthe metropolitan <br />area. <br />(b) The Grantee will execute a loan agreement with the Project Owner. Prior to disbursing any <br />grant funds for the Project, the Grantee will provide to the Council a copy of the loan <br />agreement between the Grantee and the Project Owner. <br />(c) The Grantee will submit annual written reports to the Council that certify: (1) the grant funds <br />515311v2 MU205-47 <br />Page 3 of 12 pages <br />Boulevard Projecl rev, 1/19117 <br />
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