HomeMy WebLinkAbout1998-EDC-23MOUNDS VIEW ECONOMIC DEVELOPMENT COMMISSION
RESOLUTION NO. 98 -EDC -23
CITY OF MOUNDS VIEW
COUNTY OFRAMSEY
STATE OF MINNESOTA
RESOLUTION RECOMMENDING THE ECONOMIC DEVELOPMENT AUTHORITY'S
CONSIDERATION TO APPLY FOR THE "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, livability and
marketability of the housing stock; and
WHEREAS, the city may apply to the MHFA for participation in the "Community Fix -up Fund"
program to target a specific area of housing within the community. Under this program, the
annual adjusted household income limit for homeowners within a qualifying community is
increased from $49,000 to $69,920, thereby increasing the availability of loans at a lower
interest rate to Mounds View homeowners. In addition, the city will significantly reduce the
interest rate by providing a subsidy for a proposed loan program to further encourage
participation; and
WHEREAS, the EDC has determined that the specific target area of housing need required for
proposal for the "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 Commission 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 Commission of the
City of Mounds View hereby recommends that the Economic Development Authority approve
application to the MHFA for the "Community Fix -up Fund" program as part of a city sponsored
home improvement loan subsidy program.
Adopted this 23th day of April, 1998.
V
ATTEST:
/Chair
(SEAL)
City Adminis a—tor