Laserfiche WebLink
<br />e <br /> <br />e <br /> <br />e <br /> <br />RESOLUTION NO. 99-EDA-106 <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION APPROVING APPLICATION TO THE MINNESOTA HOUSING FINANCE <br />AGENCY FOR A GRANT TO PROVIDE FUNDING FOR AN INTEREST SUBSIDY HOME <br />IMPROVEMENT LOAN PROGRAM <br /> <br />WHEREAS, due to the age and condition of the city's housing stock it is important to <br />encourage reinvestment in the community to avoid blight and to upgrade the quality, livability and <br />marketability of the housing stock; and <br /> <br />WHEREAS, the Economic Development Authority (EDA) has determined that by <br />implementing a program which subsidizes (reduces) the interest rate for home improvement <br />loans for all qualifying homeowners within the city, an incentive will be provided to rehabilitate <br />and improve the city's housing stock; and <br /> <br />WHEREAS, the EDA approved an application to the Minnesota Housing Finance Agency <br />(MHFA) for the Community Fix-up Fund Program, which was ultimately approved by the MHFA, <br />and will allow more homeowners within the City to access low interest rate home improvement <br />loans under the proposed Interest Subsidy Home Improvement Loan Program; and <br /> <br />WHEREAS, there exists a need in the City of Mounds View to provide subsidized interest <br />rates of home improvement loans for low-moderate income households for housing rehabilitation <br />and home improvements to provide safe and quality housing; and <br /> <br />WHEREAS, a grant from the MHFA would provide necessary funding to subsidize the <br />existing Community Fix-up Fund Loan Program to further promote housing rehabilitation in the <br />city. <br /> <br />NOW THEREFORE, BE IT RESOLVED, that the Mounds View Economic Development <br />Authority hereby recommends application to the Minnesota Housing Finance Agency Community <br />Revitalization Fund for $70,000 for the purposes of subsidizing interest rates of the existing <br />MHFA Community Fix-up Fund Loan Program. <br /> <br />Adopted this 8th day of February, 1999. <br /> <br /> <br />ATTEST: <br /> <br /> <br />cutive Director <br />