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MOUNDS VIEW ECONOMIC DEVELOPMENT COMMISSION <br /> RESOLUTION NO. 98-EDC-25 <br /> CITY OF MOUNDS VIEW <br /> COUNTY OF RAMSEY <br /> STATE OF MINNESOTA <br /> RESOLUTION RECOMMENDING THE ECONOMIC DEVELOPMENT AUTHORITY 7-`) <br /> CONSIDERATION OF LOAN GUIDELINES AND TAX INCREMENT FINANCING FOR THE <br /> PROPOSED INTEREST SUBSIDY HOME IMPROVEMENT LOAN PROGRAM <br /> WHEREAS, due to the age and condition of the city's housing stock it is important to encourage <br /> reinvestment in the community to avoid blight and to upgrade the quality, livability and <br /> marketability of the housing stock; and <br /> WHEREAS, the EDC has determined that by implementing a program which provides an <br /> interest subsidy to home improvement loans for all qualifying homeowners within the city, an <br /> incentive will be provided to rehabilitate and imgro a the city's housing stock; and <br /> WHEREAS, the EDC has determined that4wo interest subsidy programs would be <br /> necessary to accommodate all homeowners within the CityPv ; <br /> nn <br /> I. An interest subsidy o existing MHFA housing loan programs which will take <br /> advantage of existing loan ograms with below market interest rates for qualifying <br /> low to moderate income house Ids; and <br /> II. A market rate subsidy progra fill other qualifying homeowners within the city <br /> who would not qualify for MHFA home improvement loans; and <br /> S -r4s /1-16“7-7- <br /> WHEREAS, <br /> 1-16“7-r-WHEREAS, as part of an interest subsidy home improvement loan program the EDA approved <br /> application to the Minnesota Housing Finance Agency for the Community Fix-up Fund Program <br /> and was ultimately approved by the MHFA which will allow more homeowners within the city to <br /> access low interest rate home improvement loans; and <br /> WHEREAS, the EDC has reviewed the proposed guidelines for the interest subsidy program <br /> and has determined that the guidelines meet the objectives needed to provide Mounds View <br /> homeowners incentives to perform needed rehabilitation and home improvements to their <br /> homes; and <br /> WHEREAS, the Economic Development Commission finds that by approving tax increment <br /> funds for subsidizing home improvement loans, more Mounds View homeowners may access <br /> home improvement loans at a reduced interest rate; and <br /> WHEREAS, the Economic Development Commission has determined that approving tax <br /> increment funds for subsidizing home improvement loans, the entire community of Mounds View <br /> will benefit by improving the quality and livability of the city's housing. <br />