HomeMy WebLinkAboutResolution No. 246-25 - Resolution - Economic Vitality Funds for First Homes
RESOLUTION
Authorizing a Contract with First Homes for the creation and acquisition of new for-
sale dwellings committed to the community land trust.
WHEREAS, First Homes is our area Community Land Trust organization; and
WHEREAS, Funds will be contributed towards activities that will create and preserve
housing units to increase the number of housing for new home ownership opportunities,
new housing units affordable to households at 80% of the Area Median Income and below,
and number of newly committed homes int he Community Land Trust; and
WHEREAS, Activities may include, but are not limited to: gap funding for six new build
single-family dwellings, down payment assistance for five loans, funding to support
acquisition of homes and gap funding for an acquisition rehab single-family dwelling; and
WHEREAS, The requested $1,000,000 contribution will be paid by the Economic Vitality
project sourced from voter-approved Local Sales Tax funding.
NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of Rochester,
MN that the Council does hereby authorize $1,000,000 in Economic Vitality funds to First
Homes for the creation and acquisition of new for-sale dwellings committed to the
Community Land Trust.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS __________ DAY OF _______________, 2025.
___________________________________
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: __________________________
CITY CLERK
APPROVED THIS _____ DAY OF ______________________, 2025.
___________________________________
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)