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<br />e <br /> <br />e <br /> <br />e <br /> <br />RESOLUTION NO. 98-EDA-92 <br /> <br />MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION APPROVING APPLICATION FOR "COMMUNITY FIX UP FUND" PROGRAM <br />OFFERED THROUGH THE MINNESOTA HOUSING FINANCE AGENCY <br /> <br />WHEREAS, due to the age and condition of the city's housing stock it is important to encourage <br />reinvestment in the community to avoid blight and to upgrade the quality of the housing stock; and <br /> <br />WHEREAS, the city may apply to the MHF A for participation in the "Community Fix-up Fund" <br />program to target a specific area of housing within the community. Under this program, homeowners with an <br />annual adjusted household income of $69,920 or less may access below market rate home improvement loans. <br />Where currently, Mounds View homeowners with an adjusted annual income of only $49,000 or less may <br />access below market rate home improvement loans through MHF A. Participation in the program will increase <br />the availability of below market rate loans to Mounds View homeowners; and <br /> <br />WHEREAS, the Economic Development Authority has determined that the specific target area of <br />housing need required for proposal to the MHFA "Community Fix-up Fund" program are homes built before <br />1965. In part, because over 50% of homes built in the city were built before 1965 and that these homes <br />predominantly show the greatest need for home improvement and revitalization; and <br /> <br />WHEREAS, the Economic Development Authority finds that by applying for the "Community Fix-up <br />Fund" program, more Mounds View homeowners may become eligible for home improvement loans at a <br />reduced interest rate. <br /> <br />NOW THEREFORE, BE IT RESOLVED, that the Economic Development Authority of the City of <br />Mounds View hereby recommends application to the MHF A for the "Community Fix-up Fund" program. <br /> <br />Adopted this 27th day of April, 1998. <br /> <br />Duane McCarty, President <br /> <br />ATTEST: <br /> <br />Charles S. Whiting, Executive Director <br />