04-27-1998 EDA - Laserfiche WebLink

Home Browse Search

• Item No. 5 • Staff Report No. Meeting Date: 4-27-98 Type of Business: EDAB • WK:Work Session;PH:Public Hearing; CA:Consent Agenda;EDAB:EDA Business Mounds View Economic Development Authority Staff Re ort Tof Mounds View Economic Development Authority • • From: ' Steve Dorgan,Housing Inspector Item Title/Subject: Application for MHFA"Community Fix-up Fund" Program Date of Report: April 24, 1998 SUMMARY • At the EDC meeting on April 23, 1998,the commission approved a resolution reccomending application to the MHFA for the"Community Fix-up Fund"program. Staff has been working with the EDC and participating lenders to evaluate programs which would provide below market rate loans to Mounds View homeowners. At this time,homeowners in the city have access to below market rate home improvement loans through the Minnesota Housing Finance Agency(MHFA)"Fix-up Fund"program with interest rates ranging between 2%-8%for homeowners with an adjusted annual household income of$49,000 or less. In addition to these loans,the city also has an opportunity to apply to the MHFA for participation in the "Community Fix-up Fund"program. Under this program the adjusted annual household income is increased to$69,920 for qualifying homes. However,as part of the program application,the city must identify a specific need/objective(i.e.homes built before 1965). The city should apply for these funds at this time so that MHFA can process the application and make the funds available. MHFA program applications take approximately 30 days to process. ACTION TO BE CONSIDERED Adopt EDA Resolution No. 98-EDA-89 approving the application to the MHFA for participation in the "Community Fix-up Fund"program. • • Steve organ, o mg Inspector 717-4023 Attachments: Exhibit A - EDC Resolution No. 98-EDC-23 Exhibit B - Resolution No. 98-EDA-89