Ordinance No. 1698

CITY OF
COLUMBIA HEIGHTS
SUMMARY OF
ORDINANCE NO. 1698
BEING AN ORDINANCE
ESTABLISHING A LOCAL
HOUSING TRUST FUND
AND DESIGNATING THE
COLUMBIA HEIGHTS
ECONOMIC DEVELOPMENT
AUTHORITY AS THE
ADMINISTRATOR
OF THE FUND
The City Council for the City of
Columbia Heights, Minnesota adopted Ordinance No. 1698 on May
28, 2024.
The purpose of this ordinance is
to establish a Local Housing Trust
Fund and designate the Columbia
Heights Economic Development
Authority (EDA) as the administrator of the fund. The Local Housing
Trust Fund aims to support the
rehabilitation and preservation of
existing affordable housing and
promote the development of additional affordable housing within
the City. The funds will be used
to develop or preserve affordable
housing for persons with incomes
not exceeding 115% of the median family income for Minnesota.
Allowable uses include administrative expenses (up to 10% of the
fund balance), grants, loans, loan
guarantees, matching other funds,
and providing down payment assistance, rental assistance, and
home buyer counseling services.
The EDA will administer the fund,
determine the terms and conditions
for financial assistance, and report
annually to the City Council on fund
usage. The annual report will be
posted on the City’s website.
This is a summary of Ordinance
No. 1698. A copy of the entire text
of the Ordinance is available for
public inspection during regular
office hours at City Hall, by standard or electronic mail, or at www.
columbiaheightsmn.gov.
Attest:
Amáda Márquez Simula, Mayor
Sara Ion,
City Clerk/Council Secretary
Published in
The Life
June 21, 2024
1403503