| | | | | | | | Housing and Redevelopment Authority Board Action Request
17-HCHRA-0039
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| | | | | | | | Item Description:
Set the 2018 HCHRA maximum property tax levy and the 2018 proposed budget; participate in Hennepin County’s Truth-In-Taxation Hearing |
| | | | | | | | Resolution:
BE IT RESOLVED, that the Hennepin County Housing and Redevelopment Authority (HCHRA) sets the maximum property tax levy for year 2018 at $8,455,995 with a proposed budget of $11,238,640 and that the maximum property tax levy be certified to the County Auditor; and
BE IT FURTHER RESOLVED, that pursuant to Minnesota Statutes 275.065, Subd. 3(i), the proposed 2018 levy and budget for the HCHRA shall be discussed at Hennepin County’s Truth-In-Taxation Hearing to be held at 6:00 p.m. on Tuesday, November 28, 2017; and
BE IT FURTHER RESOLVED, that adoption of the HCHRA’s final 2018 property tax levy and 2018 budget shall take place at the HCHRA Board Meeting immediately following the 1:30 p.m. Board of Hennepin County Commissioners Meeting to be held on Tuesday, December 12, 2017 in the Commissioner’s Board Room. |
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| | | | | | | | Background:
History: The Hennepin County Housing and Redevelopment Authority (HCHRA) has the authority to levy a tax not to exceed 0.0185% of taxable market value in the county (or approximately $30.6 million). Pursuant to state statute, the HCHRA must approve a maximum property tax levy and a proposed budget for 2018 by September 30, 2017.
The proposed 2018 HCHRA budget is $11,238,640 and the maximum tax levy is $8,455,995. While the final approved budget may be higher than the one proposed, the final tax levy adopted in December cannot exceed the proposed tax levy which is adopted today.
The proposed 2018 HCHRA budget supports:
- affordable housing activities 52% (or $5.8 million), which includes the Affordable Housing Incentive Fund
- community and economic development activities 32% (or $3.6 million), which includes the Transit Oriented Development Program
- operations and administrative activities 16% (or $1.8 million).
It is recommended that the HCHRA levy for 2018 be set at $8,455,955.
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| | | | | | | | | Recommendation from County Administrator: Recommend Approval |
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