HomeMy WebLinkAboutResolution 5088
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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.
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