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RESOLUTION NO. 4773 <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />RESOLUTION AUTHORIZING THE APPLICATION OF THE MINNESOTA CITIES PARTICIPATION <br />PROGRAM TO FUND A LOAN PROGRAM FOR FIRST-TIME HOMEBUYER'S REQUIRING THE <br />MORTGAGE TO INCLUDE REHABILITATION. <br />WHEREAS, the City of Mounds View is submitting an application for first-time hornebuye:7 <br />financing with a bridge loan for rehabilitation included in the mortgage from the Minnesota Housing <br />Finance Agency's Minnesota Cities Participation Program; and, <br />WHEREAS, a portion of the financing will be used for upgrading the property; and, <br />WHEREAS, a private lending institution will distribute the mortgages for future residents; and, <br />WHEREAS, the funding will benefit low- to moderate -income families in Mounds View; and, <br />WHEREAS, the rehabilitation of single-family housing is consistent with the City's 5 Year Coals <br />Focus 2000 recommendations, and the Comprehensive Housing Stock Analysis; and, <br />WHEREAS, rehabilitation of existing single-family housing will benefit the entire community. <br />NOW, THEREFORE, BE IT RESOLVED, that the City Council in and for the City of Mounds <br />View does hereby authorize the City Administrator to make application to the Minnesota Housing <br />Finance Agency for the Minnesota City Participation Program. <br />NOW, BE IT FURTHER RESOLVED, that the City Council of the City of Mounds View will <br />abide by the conditions placed by Minnesota Housing Finance Agency on use of the funds for the <br />Minnesota Cities Participation Program. <br />BE IT FINALLY RESOLVED, that the City Council of the City of Mounds View, directs staff to <br />work with Minnesota Housing Finance Agency to ensure that appropriate measures will be taken to <br />assist with the Minnesota Cities Participation Program. <br />ATTEST: <br />(SEAL) <br />Adopted this 5th day of June, 1995. <br />Mayor <br />City Administrator <br />