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HRA staff seek release of 4(d) affordable-housing covenant on 1048 Central Ave W to allow school expansion by Saint Peter Claver affiliate
Summary
At the Housing and Redevelopment Authority meeting, staff presented a request to release a restrictive covenant placed on a property enrolled in the city’s local 4(d) Affordable Housing Preservation Incentive Program.
At the Housing and Redevelopment Authority meeting, staff presented a request to release a restrictive covenant placed on a property enrolled in the city’s local 4(d) Affordable Housing Preservation Incentive Program.
Rachel Fonosidal (presenting staff) described the 4(d) program as a locally administered pathway tied to a Minnesota state designation that provides qualifying low-income rental properties a lower property-tax classification in exchange for recorded deed restrictions that preserve affordability for a 10-year compliance period. Fonosidal told commissioners the HRA’s program had historically accepted new enrollments but has shifted focus to compliance monitoring because properties carry 10-year deed restrictions.
The specific…
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