Agenda Packets - 1997/02/10 - Laserfiche WebLink

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K. Identify which marketing option your city will use (either accessing MHFA marketing support or developing independent marketing). • L. Self-issuing cities must provide along with their completed application the following information concerning their 1996 allocations as of January 31, 1997: 1) Amount allocated; 2) Amount of allotment used (sum of dollar amounts of home mortgage loans purchased and home mortgage loans in process at lending institutions). V. ECONOMIC VIABILITY • Describe why you feel there is sufficient demand in your market to use the MCPP funds requested in this application. Indicate the data sources used to project demand, such as real estate sales over the past year; Realtor, builder or lender information; indicators of a housing shortage; and/or recent area business/economic expansion. VI. NEW CONSTRUCTION REQUIREMENTS Newly constructed homes located in the Seven County Twin Cities Metro Area (Anoka, Carver, Dakota, Hennepin, Ramsey, Scott or Washington counties) may only be financed with funds under the MCPP IF one of the five following criteria is met. If your program involves new construction, indicate which category (a, b, c, d or e below) will be incorporated into your program, and include appropriate details on area, type of structure, or affordability initiative as is applicable. • A. New construction located in a qualified redevelopment area. Include a brief description and/or map defining the boundaries of your city's redevelopment area.* B. New construction to replace a structurally substandard structure or structures. C. New construction which will be developed under one or more of the "affordability initiatives" allowed under administrative rules (see Attachment 1). D. The new housing is located on a parcel purchased by the city or conveyed to the city under Section 282.01, Subdivision 1 (tax-forfeited lands). E. The city must have negotiated affordable and life cycle housing goals with the Metropolitan Council. "Redevelopment area"means a compact and contiguous area within which 70%of the parcels are developed (buildings. streets, utilities. etc.), and where more than 25%of the buildings are structurally substandard to a degree requiring substantial renovation or clearance. VII. SIGNATURES Provide authorized signature(s) from the organization submitting this application, including printed or typewritten name, title and phone number.