04-27-1998 EDA - Laserfiche WebLink

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EXHIBIT B RESOLUTION NO. 98-EDA-90 MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY • COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION APPROVING APPLICATION FOR"COMMUNITY FIX UP FUND"PROGRAM OFFERED RED THROUGH THE MINNESOTA HOUSING FINANCE AGENCY WHEREAS,due to the age and condition of the city's housing stock it is important to encourage reinvestment in the community to avoid blight and to upgrade the quality of the housing stock;and • WHEREAS,the city may apply to the MHFA for participation in the"Community Fix-up Fund" program to target a specific area of housing within the community. Under this program,homeowners with an annual adjusted household income of$69,920 or less may access below market rate home improvement loans. Where currently,Mounds View homeowners with an adjusted annual income of only$49,000 or less may access below market rate home improvement loans through MHFA. Participation in the program will increase , • the availability of below market rate loans to Mounds View homeowners. WHEREAS,the Economic Development Authority has determined that the specific target area of housing need required for proposal to the MHFA"Community Fix-up Fund"program are homes built before 1965. In part,because over 50%of homes built in the city were built before 1965 and that these homes predominantly show the greatest need for home improvement and revitalization;and WHEREAS,the Economic Development Authority fmds that by applying for the"Community Fix-up Fund"program,more Mounds View homeowners may become eligible for home improvement loans at a reduced interest rate. NOW THEREFORE,BE IT RESOLVED that the Economic Development Authority of the City of Mounds View hereby recommends application to the MHFA for the"Community Fix-up Fund"program. • Adopted this 27th day of April, 1998. • Duane McCarty,President • ATTEST: Charles S.Whiting,Executive Director • • • N:\DATA\GROUPS\ECONDEV\EDA EDC HOMEFAIR\EDA4 27.RES