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1111111111111NOWIN WWII <br /> i <br /> For the first three months of the program, the City of Mounds View is proposing to use the <br /> money as first-time home buyer money with a bridge loan to be used for upgrading two bedroom <br /> houses to three with added amenities. The appraisal would be based on the actual house plus the <br /> specs and plans for the improvements. The seller would be paid at the time of closing, the <br /> additional money for the improvements would go into an escrow account and be disbursed after <br /> the addition is completed. <br /> In order for buyers to be able to use this funding, the City would require that the buyer hire a <br /> licensed contractor to build the addition and assure that the house meets the Uniform Building <br /> Code adopted by the City of Mounds View. The City would provide the home buyer with a list <br /> of licensed contractors. <br /> According to the Comprehensive Housing Stock Analysis report, we have approximately 265 • <br /> homes that would fit into the category of small, two bedroom houses that would be able to be <br /> upgraded. <br /> a. One of the goals stated in Mounds View's Comprehensive Plan is to "provide <br /> sufficient housing and sufficient housing sizes, types and styles to meet the needs <br /> III <br /> of all segments of the population, notably groups with specialized housing needs, <br /> such as the low and moderate income and the elderly." Included in the policies is <br /> to establish goals to provide housing and housing rehabilitation to low and <br /> moderate income families. <br /> By establishing a program allowing first time home buyers to purchase an <br /> affordable house, increase the square footage and add a third bedroom would <br /> fulfill the goal established in the Comprehensive Plan. <br /> b. In order to target low to moderate income families, we would use the maximum <br /> income limit of$40,800 for a four (4)person home. <br /> c. The limit for the home purchase price is $95,000 for an existing home. <br /> d. No specific targeting of population groups. <br /> • e. The City of Mounds View would specifically target small, two bedroom homes. <br /> The funding would be used for a combination of first-time home buyer mortgage <br /> and a bridge loan for rehabilitation funding for upgrading a portion of the housing <br /> stock. <br /> 2 0 <br />