Laserfiche WebLink
-5- <br />County <br />80% of HUD <br />. Area Median <br />Income <br />Twin Cities metropolitan area (Anoka, <br />Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, <br />Scott, Sherburne, Washington and Wright) <br />$40,800 <br />_ <br />Olmsted <br />$41,680 <br />All other counties , <br />$34,800 <br />These limits are subject to annual revision by the Internal Revenue Service. MCPP <br />participants will be notified of any changes (increases or decreases) which may affect <br />proposed programs as they occur. <br />House Price Requirements: <br />Under state law, homes financed under the MCPP must also meet or fall below two <br />established purchase price limits, one for existing homes, and a second for newly <br />constructed properties. Cities have the option of establishing any price limits desired, <br />provided they do not exceed these statutorily defined limits, and provided that they are <br />sufficient to cover the cost of most "starter" housing in the local market. Unless cities <br />take steps to accurately survey their local market to determine housing costs, it is <br />recommended that the, maximum limits be used for greatest flexibility and to promote <br />usage of the funds. "Purchase Price" as defined within these limits (same as <br />"Acquisition Cost" in MHFA contracts and manuals) means the entire cost .to the <br />borrower to acquire the completed dwelling, including any payments to outside <br />contractors for completion or repair of the home, and including the land cost or value if <br />acquired separately from the home. <br />The current statutory purchase price maximums are illustrated in the chart below: <br />If the mortgaged property is located in: <br />Existing Home <br />New Construction <br />Eleven County Twin Cities Metropolitan Area <br />(Anoka, Carver, Chisago, Dakota, Hennepin, isanti, <br />Ramsey, Scott, Sherburne, Washington, and Wright) <br />$95,000 <br />$95,000 <br />St. Louis County <br />$95,000 <br />$95,000 <br />Clay County <br />_ <br />$91,168 <br />$95,000 <br />Benton and Steams Counties . <br />$78,545 <br />$95,000 <br />Houston County <br />$73,100 <br />$95,000 <br />Balance of the State <br />$77,540 <br />$95,000 <br />State law determines these income limits as a percentage of federally established <br />maximums. These federal maximums are subject to periodic changes. MCPP <br />