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MOUNDS VIEW ECONOMIC DEVELOPMENT COMMISSION <br />RESOLUTION NO. 98 -EDC -23 <br />CITY OF MOUNDS VIEW <br />COUNTY OFRAMSEY <br />STATE OF MINNESOTA <br />RESOLUTION RECOMMENDING THE ECONOMIC DEVELOPMENT AUTHORITY'S <br />CONSIDERATION TO APPLY FOR THE "COMMUNITY FIX -UP FUND" PROGRAM <br />OFFERED THROUGH THE MINNESOTA HOUSING FINANCE AGENCY <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, livability and <br />marketability of the housing stock; and <br />WHEREAS, the city may apply to the MHFA for participation in the "Community Fix -up Fund" <br />program to target a specific area of housing within the community. Under this program, the <br />annual adjusted household income limit for homeowners within a qualifying community is <br />increased from $49,000 to $69,920, thereby increasing the availability of loans at a lower <br />interest rate to Mounds View homeowners. In addition, the city will significantly reduce the <br />interest rate by providing a subsidy for a proposed loan program to further encourage <br />participation; and <br />WHEREAS, the EDC has determined that the specific target area of housing need required for <br />proposal for the "Community Fix -up Fund" program are homes built before 1965. In part, <br />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 />WHEREAS, the Economic Development Commission finds that by applying for the "Community <br />Fix -up Fund" program, more Mounds View homeowners may become eligible for home <br />improvement loans at a reduced interest rate. <br />NOW THEREFORE, BE IT RESOLVED that the Economic Development Commission of the <br />City of Mounds View hereby recommends that the Economic Development Authority approve <br />application to the MHFA for the "Community Fix -up Fund" program as part of a city sponsored <br />home improvement loan subsidy program. <br />Adopted this 23th day of April, 1998. <br />V <br />ATTEST: <br />/Chair <br />(SEAL) <br />City Adminis a—tor <br />