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REQUEST FOR COUNCIL CONSIDERATION <br />STAFF REPORT <br />Ju'2 5, 1995 <br />AGENDA SESSION DATE <br />Agenda Section:':.• <br />95-1368WS <br />Report Number: <br />6 1 -95 <br />Report Date: <br />Item Description: <br />Administrator's Review/Recommendation: <br />- No comments to supplement this report <br />- Comments attached. <br />Explanation/Summary (attach supplement s <br />SUMMARY; <br />eets as <br />cessary.) <br />Enclosed is the resolution supporting the application for the Minnesota Cities Participation <br />Program (MCPP) offered by the Minnesota Housing Finance Agency (MHFA). <br />The primary objective of this program is to provide affordable (approximately 1% below market) <br />mortgage financing for low and moderate income first time home buyers through the issuance <br />of mortgage revenue bonds sold by MHFA on behalf of cities. <br />The MCPP offers some flexibility allowing cities to develop a program which targets its needs. <br />One of the objectives stated in the Comprehensive Housing Stock Analysis was to explore <br />options for housing rehabilitation funding. After meeting with MHFA, it is possible to design a <br />program which would incorporate a bridge loan into a permanent mortgage. The bridge loan <br />would allow the buyer to upgrade the property. <br />We would request $750,000 which would finance six or seven loans to be used exclusively in <br />Mounds View. The mortgages would be processed by a lender selected from a list provided by <br />MHFA. <br />J. <br />n, Hous <br />g Inspector <br />RECOMMENDATION; <br />Motion to waive the reading and adopt Resolution No. 4773 Supporting the Application for the <br />Minnesota Cities Participation Program (MCPP) <br />