With a lift from St. Paul’s Housing and Redevelopment Authority, a nonprofit housing company plans to amass and rehab two sizable reasonably priced housing rental properties on the perimeters of downtown St. Paul.

Reasonably priced Housing Alliance, doing business as Integrity Housing of Irvine, Calif., has a purchase order agreement to purchase Sibley Court, a 122-unit property at 484 Temperance St., which opened in 2003, and the Sibley Park Apartments, a 114-unit property at 211 Seventh St. E., which opened in 2002. The corporate plans $2.5 million in capital improvements. This can be its first project in Minnesota.

Acting because the HRA, the St. Paul City Council on Wednesday approved $45 million in conduit multi-family housing revenue bonds to support the acquisition and rehab.

The bonds are debt obligations held by the developer, not the town, and don’t expose the town to any liability, in accordance with St. Paul Planning and Economic Development Director Nicolle Goodman. Integrity Housing plans to keep up the units as reasonably priced housing for 30 years, with all units targeted to families earning not more than 60 percent of area median income, and 20 percent of the units targeted to families earning not more than 50 percent AMI.

The conduit revenue bonds were approved 5-0. Council President Amy Brendmoen and Council Member Chris Tolbert were absent.