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-2- <br />Additional lenders may not be added later in the program term, unless approved <br />by MHFA for extenuating circumstances (e.g.: To replace lenders that have <br />dropped out). <br />III. HOUSING PLAN <br />`1 <br />Describe or attach a copy of the "Housing Plan" developed for your community. At <br />a minimum, each plan must contain the following information: <br />(a) A description of your city's principal housing needs <br />(b) The data sources or methods used to determine the described needs./ <br />(c) The specific plan developed to meet your identified housing needs, includin <br />5/ <br />the resources to be accessed, and the methods used to carry out the plan. <br />(e) <br />Description of any target areas to be addressed in the plan. <br />How the plan will be implemented and the administrative capacity of your city <br />to do so. <br />Note: If you have already completed a Housing Plan in accordance with <br />Minnesota Statutes, Section 462C.03 within the past 12 months, you may attach <br />a copy in lieu of the above requirement. Housing Plans developed over 12 <br />months ago are also acceptable, provided that the information contained <br />therein is still valid, and the plan is updated with appropriate attachments and <br />comments. <br />IV_ PROGRAM SPECIFICS <br />Describe your first-time homebuyer program proposal, including the following <br />information: <br />(a) How your program fits into your comprehensive housing plan. <br />(b) Borrower income limits. (See the attached cover letter for limitations.) <br />(c) Home purchase price limits. (See the attached cover letter for limitations.) <br />(d) Targeting of specific population groups, if any (e.g., minorities, handicapped, <br />business employees, etc.). <br />(e) Targeting of area or housing stock, if any (e.g., rehab areas, new construction <br />developments, etc.). <br />(f) Any optional program enhancements such as subsidy funds, waived fees, use <br />of tax -forfeit properties, etc. <br />(g) Any proposed schedule for release of funds (whether immediate, delayed, or <br />on a proportional/divided basis). <br />V. ECONOMIC VIABILITY <br />Describe why you feel there is sufficient demand in your market to use the MCPP <br />funds requested in this application. Indicate the data sources used to project <br />MCPP- 1 -TC <br />3/1,94 <br />