Resolution 19-08

The Bloomington Housing Authority is requesting the Council’s approval of a revised Cooperation Agreement between the City of Bloomington and the Bloomington Housing Authority (“BHA”). The revision is required because the BHA will be participating in the federal Rental Assistance Demonstration (RAD) program, which will allow the BHA to secure funding for necessary repairs and renovations to its units. The RAD program requires the BHA to change its ownership structure, and the Cooperation Agreement is being revised to reflect that change in structure and extend the tax savings provided for in the Cooperation Agreement to the additional owner entities. The Cooperation Agreement also provides for the City waive its right to Payment in Lieu of Taxation (PILOT) for period of 40 years.