HomeMy WebLinkAboutResolution 4773
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RESOLUTION NO. 4773
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION AUTHORIZING THE APPLICATION OF THE MINNESOTA CITIES PARTICIPATION
PROGRAM TO FUND A LOAN PROGRAM FOR FIRST-TIME HOMEBUYER'S REQUIRING THE
MORTGAGE TO INCLUDE REHABILITATION.
WHEREAS, the City of Mounds View is submitting an application for first-time homebuyer
financing with a bridge loan for rehabilitation included in the mortgage from the Minnesota Housing
Finance Agency's Minnesota Cities 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, BE IT FURTHER RESOLVED, that the City Council of the City of Mounds View will
abide by the conditions placed by 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 Minnesota Housing Finance Agency to ensure that appropriate measures will be taken to
assist with the Minnesota Cities Participation Program.
ATTEST:
Adopted zth~__~~, day of J~une, 1995.
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City Administr tor
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