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11-07-1994 WS
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11-07-1994 WS
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MV City Council
City Council Document Type
City Council Packets
Date
11/7/1994
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To : Paul Harrington, Community Development Coordinator <br /> From: Jennifer Bergman, Housing Intern <br /> Date: November 2 , 1994 <br /> Subject : Housing Rehabilitation Programs <br /> A large part of the housing study consists of researching the <br /> funds available for a City Housing Program. Listed below is a <br /> portion of the information that has been collected. <br /> Several suburbs in the Metropolitan area have housing programs . <br /> Since the majority ,of the cities have similar programs, I have <br /> selected two cities to use as examples . <br /> The City of Roseville has two programs funded by the Suburban <br /> Ramsey County Community Development Block Grants (CDBG) . <br /> 1 . The Single-family Suburban Rehabilitation Program: <br /> This program provides low-interest loans to low-income <br /> homeowners to assist in rehabilitating their home which <br /> in return increase the appearance of the surrounding <br /> neighborhood <br /> 2 . The Energy Conservation Program: <br /> .This program is available to very low and low income <br /> households to help make energy improvements for the <br /> houses and reduces heating costs for the family. <br /> The City of Richfield has several programs that they offer to <br /> their residents . There are two that the City of Mounds View <br /> would be able to easily apply for and offer to their residents : <br /> 1 . Deferred Loan Program: <br /> This program provides deferred loans to homeowners of <br /> up to $15, 000 to rehabilitate their homes . If the home <br /> is sold within the first 10 years of the loan, it must <br /> be repayed. This program is funded by CDBG grants . <br /> 2 . MHFA Mortgages : <br /> This program provides low interest mortgages to first- <br /> time homeowners . <br /> In addition to what the individual cities have done, Minnesota <br /> Housing Finance Agency has several programs for which the City of <br /> Mounds View may be eligible to apply. (See attached) <br /> Currently in the metropolitan area there are 10 cities with <br /> either a Point-of-Sale or Truth-in-Housing program. The Point- <br /> of-Sale requires the any deficiencies to be repaired before the <br /> transfer of property. The Truth-in-Housing is a buyer beware <br />
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