Set February 10, 2025, as date of public hearing to consider conveyance of 49 Public Housing units under the Section 18 Disposition program to the City of Mankato.

Set date of Public Hearing.

The Mankato Economic Development Authority (EDA) operates a public housing portfolio of 179 units and approved the conversion of 49 scattered site units from the Section 9 Public Housing program through the Section 18 Disposition program into long-term, Project-Based Section 8 rental assistance that provides a stable and predictable annual subsidy on December 11, 2023.
 
Through this disposition, the EDA agreed to sell the 49 scattered-site public housing units to the City of Mankato for less than fair market value and the City will continue to serve low-income households under the Section 8 Project-Based Voucher Program administered by the EDA. Under the disposition, the units will be subject to a Declaration of Restricted Use Agreement requiring the rental properties to serve low-income households for a term of 30 years, with such use agreement to be a recorded covenant running with the land and binding on successors and assigns of the City.
 
The requested action is to set February 10, 2025, as the date of the public hearing to consider conveying 49 Public Housing units to the City of Mankato under the Section 18 disposition.