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HRA proposes LISC CAT Fund amendment to expand eligible borrowers and terms; staff introduces proposed CAT-funded acquisition at 964–968 Payne Ave
Summary
Staff asked the HRA on May 7 to authorize an amendment to the city's LISC CAT Fund Master Participation Agreement to allow mission-aligned for-profit borrowers and up to 10-year loans, and introduced a proposed CAT-funded acquisition at 964–968 Payne Ave to be considered next week.
HRA staff said they will seek approval on May 14 to amend the city's Master Participation Agreement (MPA) with LISC Twin Cities for the Community Asset Transition (CAT) Fund and introduced a pending CAT Fund participation request for 964–968 Payne Avenue.
Angela Reif, principal project manager in PED, described the requested MPA amendment as updating terms to match LISC’s second capital fund iteration (CAT Fund 2). The main changes staff will ask the HRA to authorize are to extend permissible loan terms from five to 10 years and to expand eligible borrowers to…
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