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• <br />• <br />cxArrsR 17 <br /> Under the legislation, cities assist industries in starting operations and use <br /> generated revenues to repay the costs. This law is the basis for issuing most <br /> industrial revenue bonds. <br />Minn. Stet. j 469.153, sohd. 2. Industrial projects eligible for assistance include any revenue-producing <br /> enterprises engaged in assembling, fabricating, manufacturing, mixing, <br /> processing, storing, warehousing or distributing any products of agriculture, <br /> forestry, mining or manufacturing, or in research and development activity, <br /> in these fields. <br />Minn. Stet. § 469.155, subd. 14. The law prohibits a city from operating any of these projects as a business <br /> or in any other manner. <br /> G. Minnesota Housing Finance Agency <br />Minn. stet. ~h. a62A. The goals of the Minnesota Housing Finance Agency (1VIF~A) are to <br />For more information on MHFA provide decent, affordable housing to low- and moderate-income people; to <br />programs contact them at 400 preserve the existing housing stock in Minnesota; to preserve existing <br />Sibley Street Suite 300, st. Paut, neighborhoods and prevent them from deteriorating; and, to promote energy <br />MN 55101-1998, (651) 296-7608 <br />or (800) 657-3769, or visit: conservation in residential housin <br />g- <br />httpl/www.mhfa.state.mn.us! <br /> The Legislature created the MHFA in response to a shortage of affordable <br /> housing for low- and moderate-income people. Private enterprise and <br /> private investment were unable, without public assistance, to provide an <br /> adequate supply of safe, sanitary, and decent housing at affordable prices <br /> and rents. Due to high construction costs and interest rates, new <br /> construction has been seriously curtailed, and home repairs and <br /> improvements are unaffordable for low- and moderate-income homeowners. <br /> This situation has made the MHFA and other housing programs more <br /> important than ever. <br />The sale of state tax-exempt bonds is the primary financing for MFHA <br />programs. The nature of these bonds allows the MHFA to make <br />below-market interest rate loans for the construction or rehabilitation of <br />single- and multi-family housing. Appropriations from the Legislature <br />provide additional funding for programs, including: the promotion of energy <br />conservation; an increase in home ownership opportunities for first-time <br />homebuyers; home improvement grants to very low-income homeowners; <br />and programs to improve the housing available to Native Americans, large <br />families, and the disabled. <br />• 17-10 HANDBOOK FOR MINNESOTA Cfi7E5 <br />~4 <br />