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Ron Moorse- ousing Program-Orono.•oc Page 1 ' <br /> ORAF r <br /> PROGRAM FOR THE FINANCING <br /> OF A MULTIFAMILY RENTAL HOUSING DEVELOPMENT <br /> FOR SENIORS <br /> Pursuant to Minnesota Statutes, Chapter 462C (the "Act"), the City of Orono (the "City") <br /> has been authorized to develop and administer programs of multifamily housing developments <br /> under the circumstances and within the limitations set forth in the Act. Minnesota Statutes, <br /> Section 462C.07 provides that such programs formultifamily housing developments may be <br /> financed by revenue bonds issued by the City. <br /> The City has determined that it is in the best interests of the residents of the City to create <br /> a program of financing to encourage and facilitate the development of multifamily rental housing <br /> for seniors in the City(the "Program"). The City has received a proposal from representatives of <br /> Wedum Foundation, a Minnesota nonprofit corporation, and Orono Senior Housing, LLC (the <br /> "Owner"), requesting that, pursuant to the Act, the City approve a program providing for the <br /> acquisition of the Land and construction of 62 units of multifamily housing for seniors (the <br /> "Project") to be located at in the City and intended, by location and <br /> design, to provide safe and affordable housing for, and to be occupied by, persons age 62 and <br /> older. The acquisition and construction of the Project is to be funded through the issuance of up <br /> to $9,000,000 in revenue bonds issued by the City (the "Bonds") pursuant to the Act. At least <br /> twenty percent (20%) of the units financed will be specifically reserved for tenants whose <br /> incomes are not greater than fifty percent (50%) of the area median income. It is estimated that <br /> rents for the Project will range from $_ per month tom per month, depending on unit <br /> size and amenities. <br /> The City, in establishing this Program, has considered, among other things (i) the <br /> availability and affordability of other government housing programs; (ii) the availability and <br /> affordability of private marketing financing for the construction of multifamily housing units; <br /> (iii)an analysis of population, employment trends and projections of future population trends and <br /> future employment needs; (iv) the recent housing trends and future housing needs of the City; <br /> and(v) an analysis of how the Program will meet the needs of persons and families residing and <br /> expected to reside in the City. <br /> The City, in adopting the Program, has further considered(i)the amount, timing and sale <br /> of Bonds to finance the estimated costs of the housing units,to fund the appropriate reserves and <br /> to pay the cost of issuance; (ii)the method of monitoring and implementation of the Program to <br /> insure compliance with the City's housing plan�-and its objectives; (iii) the method of <br /> administering, servicing and supervising the Program; (iv)the costs of the City, including future <br /> administrative expenses;(v)the restrictions on the multifamily development to be financed under <br /> the Program;and(vi)certain other limitations. <br /> The City, in adopting the Program, considered the potential financing impact of a bond <br /> issuance on affected public agencies. In addition,the City reviewed the method of marketing the <br /> Program. Such review examined the equal opportunity for participation by (i) minorities; (ii) <br /> households with incomes at the lower end of the range that can be served by the Program; (iii) <br /> households displaced by public or private actions;and(iv)accessibility to the handicapped. <br /> HOUSING PROGRAM <br /> 1 <br />