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6 A <br /> ITo: Economic Development Commission Members <br /> From: Steve Dorgan, Housing Inspector MEMORANDUM <br /> Subject: Proposed Subsidized Home Loan Program <br /> Date: May 22, 1998 <br /> SUMMARY <br /> At the EDC meeting in April,the commission approved a recommendation to the EDA for an <br /> application to the Minnesota Housing Finance Agency (MHFA)for participation in the <br /> Community Fix-up Fund program as part of the proposed loan subsidy program. The EDA <br /> approved the application at their regular meeting held on May 4th, and staff submitted the <br /> application to the MHFA for review at there regular board meeting on May 28th. Participation in <br /> the Community Fix-up Fund program by the city is a component of the proposed loan subsidy <br /> program. The city will know if the application is approved after the MHFA board meets. <br /> The EDC also reviewed a draft outline for both a market rate and MHFA loan subsidy program. <br /> At the last EDC meeting,there was discussion relating to the guidelines, and more specifically to <br /> the eligible improvements for the proposed programs. Staff is seeking further direction from the <br /> EDC relating to the program outline. <br /> ACTION TO BE CONSIDERED <br />• Review the attached program outlines and provide direction to staff for the development of a <br /> final draft to be submitted at the next regular EDC meeting. <br /> I*VII ll <br /> Steve Dorgan, ousing Inspector <br /> 717-4023 G/{, <br /> Attachments: Exhibit A -Proposed Market Rate Interest Subsidy Program Outline <br /> Exhibit B -Proposed MHFA Interest Subsidy Program Outline j U(i <br /> C <br /> N:\DATA\GROUPS\COMDEV\HOUSING\HOMELOAN\LOANS 28.98 t <br />