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. . RESOLUTION NO. 5088 CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION AUmORIZING THE FILING OF AN APPLICATION UNDER THE MINNESOTA CITIES PARTICIPATION PROGRAM TO FUND A LOAN PROGRAM FOR FIRST-TIME HOME BUYERS WIm THE MORTGAGE INCLUDING REHABILITATION FUNDS. WHEREAS, the City of Mounds View is submitting an application for first-time home buyer financing with a bridge loan for rehabilitation included in the mortgage from the Minnesota Housing Finance Agency's Minnesota City Participation Program; and, WHEREAS, a portion of the financing will be used for upgrading the property; and WHEREAS, a private lending institution will distribute the mortgages for future residents; and, WHEREAS, the funding will benefit low- to moderate-income families in Mounds View; and, WHEREAS, the rehabilitation of single-family housing is consistent with the City's 5 Year Goals Focus 2000 recommendations and the Comprehensive Housing Stock Analysis; and, WHEREAS, rehabilitation of existing single-family housing will benefit the entire community. NOW, THEREFORE, BE IT RESOLVED, that the City Council in and for the City of Mounds View does hereby authorize the City Administrator to make application to the Minnesota Housing Finance Agency for the Minnesota City Participation Program. NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Mounds View will abide by the conditions placed by the Minnesota Housing Finance Agency on use of the funds for the Minnesota Cities Participation Program. BE IT FINALLY RESOLVED, that the City Council of the City of Mounds View, directs staff to work with the Minnesota Housing Finance Agency to ensure that appropriate measures will be taken to assist with the Minnesota Cities Participation Program. Adopted thisl~ day Of.fe~/~Vl~r~ 1997. ArrEST: @f ' . . strator \ (SEAL)