Work Session — Tuesday, January 14, 2025

Items on the record

1. Item 1Outcome pendingrecorded in the approved minutes — tally not yet extracted here

   Request for Financial Assistance and 4d Tax Status for Acquisition and Preservation of Three Affordable Rental Communities

   The Richfield City Council and HRA discussed a request from Hempel Real Estate to acquire and preserve three affordable rental communities totaling 236 units, which are classified as Naturally Occurring Affordable Housing (NOAH) properties. Hempel requested up to $1.77 million from the City's Affordable Housing Trust Fund and 4d tax classification status to close a financial gap created by high interest rates, operating costs, and modest rents. The NOAH Impact Fund was providing over $8.7 million in equity toward the acquisition, and affordability restrictions of 15 years would be required under the proposed agreement.

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