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City Council Regular Meeting Minutes February 14, 2012 Page 2 IV. PUBLIC HEARING. 1 2 None. 3 4 V. REPORTS FROM COMMISSION AND STAFF. 5 6 None. 7 8 VI. GENERAL BUSINESS OF COUNCIL. 9 10 A. Resolution 12-022; Approving the Contract with Greater Metropolitan Housing 11 Corporation. Suzanne Snyder, GMHC, presenting. 12 13 Mayor Faust introduced Suzanne Snyder, Program Director from GMHC. 14 15 Ms. Snyder stated GMHC has partnered with the City since 2002 to provide Housing Resource 16 Center services and GMHC provides individual assistance to residents related to home 17 improvement financing, construction consultations, as well as providing information and 18 referrals. She stated three programs are administered in the City related to home improvement 19 financing, including the St. Anthony Rehab Incentive Program, the St. Anthony Revolving Loan 20 Program, and the Minnesota Housing Loan Programs. She discussed the St. Anthony rehab 21 incentive program and indicated that since 2005, 80 rebates totaling $65,609 have been provided 22 to residents averaging $820 per rebate and the total cost of rehab projects was $718,584. She 23 indicated the rehab incentive program has been popular with residents and provides a great 24 incentive to make improvements. She advised that this fund has $47.50 remaining and GMHC is 25 requesting that funds be added to the rehab incentive program pool. She then explained the St. 26 Anthony revolving loan program and stated that as of December 31, 2011, the City has program 27 income of $54,755 representing principal and interest collected on the revolving loan program. 28 She indicated that the rehab incentive program and revolving loan program have both been self-29 sustaining and the City has not had to budget additional dollars. She also discussed the services 30 provided by GMHC related to construction and noted these services are provided to all residents, 31 even those who do not need financing assistance. She encouraged residents to contact GMHC 32 for further information regarding the services and programs at 612-588-3033. 33 34 Councilmember Stille requested clarification regarding total rebates provided as well as the 35 income from the revolving loan program. 36 37 Ms. Snyder explained that the rebate activity summary reported totals since 2005. She indicated 38 that the rehab incentive program initially received a grant from the Minnesota Housing 39 Financing Agency for $45,000 in 2003 and 56 rebates were made with that money. She stated 40 after the MHFA funds ran out, the City funded this program with rebates totaling approximately 41 $110,000. She stated that 14 loans have been closed since inception of the Revolving Loan 42 program with the first loan made in 2003 and as of January 1, 2012, the principal outstanding 43 balance owed is $27,973. She explained that the City has historically transferred money out of 44 program income in order to fund the rehab incentive program. 45 46