Agenda Packets - 1995/06/05 - Laserfiche WebLink

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-8- Finally, the Agency will provide participating cities and lenders with marketing support for their program, in the form of statewide and local press releases, posters, and a supply of brochures customized to provide details on each city's unique program features. PROPOSAL REQUIREMENTS: Applications for the MCPP must be submitted to MHFA between.8:00 a.m., June 1, 1995 and 4:30 p.m., June 8, 1995. To apply for mortgage revenue bond authority under the MCPP, the cities must submit information outlined in the Minnesota City Participation Program Application for Funding, MHFA Form #MCPP-1 (enclosed) and related supporting documentation. For ease of application, separate proposal forms have been developed for cities in the seven county Twin Cities metropolitan area and cities in the balance of the state. Please be sure that the proper proposal form has been enclosed for your city. This application format and accompanying documentation has been developed to meet all the criteria in state administrative rules governing applications for mortgage revenue bond authority. Cities should take great care to thoroughly complete their application, clearly addressing all areas, and supplying supporting documentation as needed. In all instances, this will include a letter of intent from at least one potential participating lender. Under administrative rules pertaining to accessing mortgage revenue bond authority, cities may also. apply for the MCPP by submitting:; alternate documentation as described in Attachment 2. APPLICATION PROCESS: Following the June 8th deadline, the Agency will review all submitted applications for completeness and compliance with statutory requirements, and contact applicants for any needed revisions or supplements. Once all required revisions are complete and the number of eligible applicants confirmed, the Agency will apply the per capita allocation formula as specified in statute to determine the allocation plan. An allocation agreement will then be completed based upon this plan and forwarded to each participating city for execution. Participating cities execute and return this agreement, along with two separate fees: (1) the processing fee, as previously noted (r=tained by the Dept. of Finance), and; (2) an application deposit in the amount of 1% of the allocation amount specified in the agreement. This 1 % application deposit is refunded in full, typically within 1 month of closing of the bond sale. Upon receipt of e allotment agreement and fees, the Agency will make arrangements to complete the bond sale as soon as it is financially feasible to do so. OTHER INFORMATION: Although the MCPP provides cities with an exciting opportunity to access mortgage revenue bond proceeds, the Agency will continue to offer the Community Activity Set -Aside Program (CASA) for those cities that wish to access a smaller amount of lands for occasional single-family development projects. Under this Program, cities may access MHFA funds in cooperation with local lenders and/or other communitf partners. Interested cities should contact MHFA's Homeownership Division for F;5'Ptional details and application materials.