HomeMy WebLinkAboutResolution 99-EDA106
e
e
e
RESOLUTION NO. 99-EDA-106
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION APPROVING APPLICATION TO THE MINNESOTA HOUSING FINANCE
AGENCY FOR A GRANT TO PROVIDE FUNDING FOR AN INTEREST SUBSIDY HOME
IMPROVEMENT LOAN PROGRAM
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, livability and
marketability of the housing stock; and
WHEREAS, the Economic Development Authority (EDA) has determined that by
implementing a program which subsidizes (reduces) the interest rate for home improvement
loans for all qualifying homeowners within the city, an incentive will be provided to rehabilitate
and improve the city's housing stock; and
WHEREAS, the EDA approved an application to the Minnesota Housing Finance Agency
(MHFA) for the Community Fix-up Fund Program, which was ultimately approved by the MHFA,
and will allow more homeowners within the City to access low interest rate home improvement
loans under the proposed Interest Subsidy Home Improvement Loan Program; and
WHEREAS, there exists a need in the City of Mounds View to provide subsidized interest
rates of home improvement loans for low-moderate income households for housing rehabilitation
and home improvements to provide safe and quality housing; and
WHEREAS, a grant from the MHFA would provide necessary funding to subsidize the
existing Community Fix-up Fund Loan Program to further promote housing rehabilitation in the
city.
NOW THEREFORE, BE IT RESOLVED, that the Mounds View Economic Development
Authority hereby recommends application to the Minnesota Housing Finance Agency Community
Revitalization Fund for $70,000 for the purposes of subsidizing interest rates of the existing
MHFA Community Fix-up Fund Loan Program.
Adopted this 8th day of February, 1999.
ATTEST:
cutive Director