HomeMy WebLinkAboutResolution No. 142-26 - Resolution - The American Cooperative of Rochester
RESOLUTION
Adopting a Resolution approving the contribution of $1,900,000 to The American
Cooperative of Rochester development to support the creation of 95 owner-
occupied senior cooperative homes via the Home Ownership Creation Program.
WHEREAS, The Home Ownership Program provides upfront subsidies if at least 50 homes
are proposed, and a portion of the homes are priced at or below the maximum housing price
a standard household earning 115% AMI could afford based on the number of proposed
units; and
WHEREAS, Council previously approved the Home Ownership Creation April 22, 2024. The
program supports the development of owner-occupied housing unit(s); and
WHEREAS, Council action is requested to approve the a contribution of $1,900,000 from
Economic Vitality Funding via the Home Ownership Creation Program to support the
creation of 95 for-sale dwellings at The American Cooperative of Rochester Development;
and
WHEREAS, The development proposes that all units of the homes to be priced below
$452,800, ranging in price between $188,500-439,000 after the contribution was applied to
a price reduction for each home. Thus, 100% of the 95 units are priced to meet the required
number of 115% AMI units.
NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of Rochester,
MN hereby approves the contribution of $1,900,000 to The American Cooperative of
Rochester Development to support the creation of 95 for-sale homes via the Home
Ownership Creation Program.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS __________ DAY OF _______________, 2026.
___________________________________
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: __________________________
CITY CLERK
APPROVED THIS _____ DAY OF ______________________, 202X.
___________________________________
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)