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City Officials <br />May 2, 1985 <br />Page 4 <br />5. SFMLP mortgages may not be used to refinance existing mortgages or <br />contracts for deed. <br />6. Title and delivery procedures and requirements must meet MHFA criteria. <br />7. New construction must, at a minimum, meet MHFA prescriptive requirements. <br />8. Housing projects with attached housing units (i.e., condominiums, <br />townhouses, PUD's) must have project approval or acceptance by either <br />FHA, VA, FNMA, or FHLMC prior to proposal submission under this <br />program. (This may be waived at MHFA's sole discretion.) <br />Proposal Submission: To receive a commitment under the 1985 Municipal <br />Home Mortgage Program, the following must be received in the prescribed <br />form by MHFA at its offices not later than 4:00 p.m. on Thursday, <br />June 20, 1985: <br />1. Two copies of the MHFA Municipal Home Mortgage Program Submission <br />Proposal, MHFA Form MHMP -1. <br />2. Two copies of a letter from a local mortgage lender specifying <br />willingness to deliver the Program. <br />Selection Procedure: Upon receipt of all applications from local communi- <br />ties, MHFA staff will evaluate all applications to determine whether they <br />meet the following basic requirements before they are considered for <br />selection: <br />1. The proposal must fall within the maximum commitment level of $2 <br />million and minimum commitment level of $500,000 for communities <br />with populations of 10,000 or above, or $250,000 for communities <br />between 5,000 and 10,000. <br />2. The proposal must clearly demonstrate the need for the type of program <br />proposed. <br />3. The proposal must demonstrate that the program proposed is financially <br />feasible. <br />4. The proposal must contain evidence that appropriate arrangements have <br />been made to deliver the program. <br />5. If applicable previous and /or current performance by an MHMP <br />participant must be acceptable. <br />39 <br />