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Mounds View EDA January 10, 2011 <br />Regular Meeting Page 3 <br /> <br /> 88 <br />Economic Development Specialist Steinmetz explained the City does not have a housing expert 89 <br />on staff, which led the City to the contract with GMHC to provide housing services to Mounds 90 <br />View residents. With the new loan programs, GMHC estimated the expense to administer each 91 <br />loan would be $400. These fees would not be paid by the borrower but instead through EDA 92 <br />funds as part of the EDA’s 2011 budget. 93 <br /> 94 <br />Economic Development Specialist Steinmetz recommended the EDA approve the GMHC 95 <br />proposed fee to administer and arrange for the servicing of Mounds View’s Home Demolition, 96 <br />Code Enforcement, General Home Repair and Emergency Deferred Loans with the outlined fees. 97 <br /> 98 <br />Vice President Stigney questioned what other cities were charged by GMHC for loan closures. 99 <br />Economic Development Specialist Steinmetz indicated this fee was closer to $550 per loan 100 <br />closed. 101 <br /> 102 <br />President Flaherty asked if the contract for housing services would assist with promoting the new 103 <br />home loan program. Suzanne Snyder, GMHC, indicated her organization did screen clients and 104 <br />their specific needs to assure that they fit into the best program available. This may not be a City 105 <br />sponsored program, but rather something offered by the County or State and vice versa. 106 <br /> 107 <br />President Flaherty indicated the goal of the program was to improve the City’s overall housing 108 <br />stock. He explained the home loan program was in its pilot year and would be evaluated at the 109 <br />end of 2011. 110 <br /> 111 <br />MOTION/SECOND: Mueller/Hull. To Accept the Administration and Servicing Fees for the 112 <br />Home Improvement Loans with Greater Metropolitan Housing Corporation as outlined by staff. 113 <br /> 114 <br />Commissioner Mueller indicated neighboring communities have utilized these types of home 115 <br />loans for residents with great success. She thanked the EDA for coming together on this issue as 116 <br />it would meet a great need in the community. 117 <br /> 118 <br /> Ayes – 5 Nays – 0 Motion carried. 119 <br /> 120 <br />8. REPORTS 121 <br /> 122 <br />None. 123 <br /> 124 <br />9. NEXT EDA MEETING: Monday, January 24, 2011, at 6:30 p.m. 125 <br /> 126 <br />10. ADJOURNMENT 127 <br /> 128 <br />President Flaherty adjourned the meeting at 6:50 p.m. 129