HomeMy WebLinkAboutResolution 98-EDA92
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RESOLUTION NO. 98-EDA-92
MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION APPROVING APPLICATION FOR "COMMUNITY FIX UP FUND" PROGRAM
OFFERED THROUGH THE MINNESOTA HOUSING FINANCE AGENCY
WHEREAS, due to the age and condition of the city's housing stock it is important to encourage
reinvestment in the community to avoid blight and to upgrade the quality of the housing stock; and
WHEREAS, the city may apply to the MHF A for participation in the "Community Fix-up Fund"
program to target a specific area of housing within the community. Under this program, homeowners with an
annual adjusted household income of $69,920 or less may access below market rate home improvement loans.
Where currently, Mounds View homeowners with an adjusted annual income of only $49,000 or less may
access below market rate home improvement loans through MHF A. Participation in the program will increase
the availability of below market rate loans to Mounds View homeowners; and
WHEREAS, the Economic Development Authority has determined that the specific target area of
housing need required for proposal to the MHFA "Community Fix-up Fund" program are homes built before
1965. In part, because over 50% of homes built in the city were built before 1965 and that these homes
predominantly show the greatest need for home improvement and revitalization; and
WHEREAS, the Economic Development Authority finds that by applying for the "Community Fix-up
Fund" program, more Mounds View homeowners may become eligible for home improvement loans at a
reduced interest rate.
NOW THEREFORE, BE IT RESOLVED, that the Economic Development Authority of the City of
Mounds View hereby recommends application to the MHF A for the "Community Fix-up Fund" program.
Adopted this 27th day of April, 1998.
Duane McCarty, President
ATTEST:
Charles S. Whiting, Executive Director