RES PH 26-254: Resolution Approving Amendments to and Authorizing the Reissuance of Conduit Multifamily Housing Revenue Bonds and Authorizing the Preparation of Necessary Documents and Materials in Connection with Said Amendments, 801 Mt Curve Boulevard, 2265 Hillcrest Avenue and 2285 Hillcrest Avenue (Emma Norton/Restoring Waters and Nellie Francis Court Projects), District 15, Ward 3

Description

Resolution Approving Amendments to and Authorizing the Reissuance of Conduit Multifamily Housing Revenue Bonds and Authorizing the Preparation of Necessary Documents and Materials in Connection with Said Amendments, 801 Mt Curve Boulevard, 2265 Hillcrest Avenue and 2285 Hillcrest Avenue (Emma Norton/Restoring Waters and Nellie Francis Court Projects), District 15, Ward 3

Summary

The Saint Paul Housing and Redevelopment Authority (HRA) is seeking approval to amend and reissue conduit multifamily housing revenue bonds for two Project for Pride in Living developments at Highland Bridge: Nellie Francis Court, with 75 affordable workforce units for households earning up to 50% or 60% of area median income, and Emma Norton/Restoring Waters, with 60 units for households earning up to 30% of area median income. The action would extend each bond’s maturity by 12 months, giving the developer time to restructure permanent financing. It requires no new budget, tax-exempt volume, or City financial guarantee. HRA approval is subject to final Saint Paul City Council approval and supports the long-term stability of affordable housing.