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Home My WebLink AboutResolution No. 073-24 - Resolution - Home Ownership Creation Program and 2023 Affordable Housing Aid RESOLUTION Approving the Proposed Home Ownership Creation Program to Support the Creation of Owner-Occupied Housing and Approving the Allocation of 2023 Affordable Housing Aid Funding. WHEREAS, The Home Ownership Program reimburses up to $20,000 in City-paid fees for the development of owner-occupied housing unit(s), dependent on eligibility. 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. WHEREAS, Council previously approved the Fee Reimbursement Pilot Program on February 23, 2022. The pilot program supported the development of owner-occupied housing unit(s) built for $350,000 or less. WHEREAS, The City has been awarded $545,926 in 2023 of Affordable Housing Aid funding which can be used to support various community housing needs. WHEREAS, Affordable Housing Aid funding shall allocate $272,959 to Mayowood Phase II to waive fees and allocate $ 272,967 to an abatement program for homeowners. NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of Rochester, MN hereby approves the proposed Home Ownership Creation Program to support the creation of owner-occupied housing. BE IT FURTHER RESOLVED by the Common Council of the City of Rochester, MN hereby approves the Allocation of 2023 Affordable Housing Aid Funding of $272,959 to Mayowood Phase II for fee waivers and $ 272,967 to a revolving Abatement program for homeowners. PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF ROCHESTER, MINNESOTA, THIS __________ DAY OF _______________, 2024. ___________________________________ PRESIDENT OF SAID COMMON COUNCIL ATTEST: __________________________ CITY CLERK APPROVED THIS _____ DAY OF ______________________, 2024. ___________________________________ MAYOR OF SAID CITY (Seal of the City of Rochester, Minnesota)