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Anoka County HRA authorizes negotiations on $1.5 million to help developer compete for low‑income housing tax credits
Summary
The Anoka County HRA voted 4-2 to authorize staff to negotiate use of up to $1.5 million in Local Affordable Housing Aid and related HOME funds to support a developer’s upcoming Low Income Housing Tax Credit application; funding and purchase are conditional on a Minnesota Housing award.
On an unknown date, the Anoka County Housing and Redevelopment Authority voted 4-2 to authorize its executive director to negotiate the potential purchase of a parcel using up to $1,500,000 in Local Affordable Housing Aid and associated HOME funds to support a developer’s Low Income Housing Tax Credit (LIHTC) application.
The action gives staff authority to pursue a two-part approach: buy the property as the HRA using previously authorized HOME funds and, if appropriate, consider providing additional funding from the Local Affordable Housing Aid (LAHA) allocation so the developer can increase its competitive scoring in Minnesota’s LIHTC round scheduled in July. The HRA emphasized the funding is conditional — the dollars would not be spent into…
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