Agenda Packets - 1996/02/12 - Laserfiche WebLink

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con/OF Agenda Section: 1 1 _A REQUEST FOR COUNCIL CONSIDERATION Report Number: 96-1603C 11110iNDSReport Date: 2-8-96 STAFF REPORT Council Action: B E El Special Order of Business A�Biptr Partnet5�`eS February 12, 1996 0 Public Hearings • CITY COUNCIL MEETING DATE § Consent Agenda 0 Council Business Item jlj jatj II/Resolution for Minnesota Cities Participation Program for First Time Homebuyer mortgages Administrator's Review/Recommendation: /y - No comments to supplement this report t"/ - Comments attached. Explanation/Summary (attach supplement sheets as necessary.) UMMARY; Attached is the application and a resolution in support of the Minnesota Cities Participation Program offered by the Minnesota Housing Finance Agency. In 1995, the City of Mounds View applied for and received approximately $260,000 for the Minnesota Cities Participation Program. Three families were able to take advantage of this program and purchase homes in the City of Mounds View (see attached). The program offers a reduced interest rate and, if eligible, down payment and closing cost assistance for applicants. The two main eligibility requirements are the purchase price of the home cannot exceed $95,000 and the family must be income eligible. .The response to this program was enormous. We continue to receive calls throughout the year regarding this program. The funding is available on a first come, first serve basis so many that were interested were not able to take advantage of this opportunity last year. It is our hopes that the funding amount will increase allowing more low to moderate income families to purchase houses in the City of Mounds View. Attached is a copy of the resolution in support of the Minnesota Cities Participation Program and the grant application for your review. ' //// , Je Ter Bdrgman, Housng Inspector • RECOMMENDATION; Approve/Deny Resolution No. 4893 Authorizing the Application for the Minnesota Cities Participation Program.