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f. Optional program enhancements will not be used. <br /> g. If a buyer chooses to use the bridge loan,the seller would be paid at the time of <br /> closing. The additional money for the rehabilitation would be held in escrow and <br /> regulated by the lender. The contractor would be paid when they have satisfied <br /> the lender. <br /> h. We would request the maximum allowable under population formula. <br /> I. No minimum <br /> j. The City of Mounds View does not have mortgage revenue bonds. <br /> k. The City of Mounds View will do some marketing of the program, but would ask <br /> the Minnesota Housing Finance Agency to include us in all press releases. <br /> According to the 1990 Census, Mounds View has a median income of$37,117. In <br /> addition, approximately 28% of Mounds View's residents have an income below$25,000 <br /> annually. Because of this, fewer residents are able to afford market rate mortgages. The <br /> Minnesota Cities Participation Program would allow families to obtain a mortgage at a <br /> lower interest rate and the option to take advantage of the Housing Allowance Fund. The <br /> purchase/rehabilitation loan would allow buyers to upgrade an affordable house to <br /> accommodate the needs of their family. <br /> According to the St. Paul Realtor's Association, 108 homes were sold in 1995 with a <br /> median purchase price of$94,000. Of the total homes sold in 1995, 10 two bedrooms <br /> were sold under the price of$80,000. Based on this figure, families would be able to use <br /> $15,000 or more for upgrades. Once again, fulfilling our goal to assist families interested <br /> in upgrading a house to fit their needs. <br /> 41) <br /> 3 <br />