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08-28-1997
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08-28-1997
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8/20/2018 6:45:39 AM
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MV EDC
EDC Document Type
Council Packets
Date
8/28/1997
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0 after a number of years or payment due upon sale of the home. There could be a <br /> requirement that the recipient of the loan attend a property management class to <br /> help them self police problems that arise within these manufactured home parks. The <br /> questions arise when we begin to look at what type of security we would be able to <br /> have on the loan. One possibility is to put a lien on the property for the value of the <br /> loan. Of course we would need to be assured that the value of the manufactured <br /> home at least is equal to the loan amount. Another question would be the <br /> administration of the loan? <br /> The Building Inspector, Rick Larson, will be available to address the situation and <br /> provide information regarding the number of current cases that would qualify and <br /> how much a typical prefab addition would cost. <br /> With the possibility that owners of multifamily apartments and duplexes will be <br /> receiving a lower tax classification, there may be more incentive to use these savings <br /> to put into rehabilitation of their properties. It has been suggested that as an added <br /> incentive the City/EDA may want to explore providing a low interest loan program to <br /> help with these improvements. The loan could be structured similar to the business <br /> partnership loan with a bank or provided in partnership with other funding agencies <br /> such as Ramsey County and MHFA. <br /> • 1 am looking for your suggestions regarding these type of programs and brainstorm <br /> on what types of controls\terms we would like to incorporate into the program, etc. <br />
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