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HRA extends CDBG loan and affordability controls for Ramsey Hill Apartments through 2031
Summary
The Housing and Redevelopment Authority voted 6–0 to extend a CDBG loan term and associated affordability covenants for Ramsey Hill Apartments, keeping the property affordable through 2031 and extending the loan term to match the affordability period.
The St. Paul Housing and Redevelopment Authority unanimously approved an extension of a Community Development Block Grant (CDBG) loan for Ramsey Hill Apartments, extending both the loan term and the property’s affordability requirements through 2031.
Director McMahon told the board the extension keeps the property subject to affordability covenants and lengthens the loan term to 2031. Staff signaled no substantive changes beyond the term and affordability extension; the board approved the resolution 6–0 with no recorded opposition.
The extension preserves rental affordability tied to the CDBG loan for another multi-year period, according to staff, and no further action was recorded at the meeting beyond the approval.
What’s next: The resolution was adopted at the meeting; staff will carry out the loan amendment and update records to reflect the extended term and covenants.
