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CHAPTER 16 • <br /> Acquiring,constructing, and holding lands,buildings, easements, <br /> improvements to lands and buildings,capital equipment, and inventory <br /> for industrial projects. <br /> Issuing revenue bonds and entering into revenue agreements to finance <br /> these activities to promote industrial projects. <br /> Minn.Stat.§469.155,subd.4. . Refinancing health care and other facilities. <br /> Under the legislation,cities assist industries in starting operations and use <br /> generated revenues to repay the costs. This law is the basis for issuing most <br /> industrial revenue bonds. <br /> Minn.Stat.§469.153,subd.2. Industrial projects eligible for assistance include any revenue-producing <br /> enterprises engaged in assembling, fabricating, manufacturing,mixing, <br /> processing, storing, warehousing or distributing any products of agriculture, <br /> forestry,mining or manufacturing, or in research and development activity <br /> in these fields. <br /> Minn.Stat.§469.155,subd.14. The law prohibits a city from operating any of these projects as a business or <br /> in any other manner. <br /> G. Minnesota Housing Finance Agency <br /> Minn.stat.ch.462A. The goals of the Minnesota Housing Finance Agency(MHFA) are to <br /> For more information on MHFA provide decent,affordable housing to low-and moderate-income people; <br /> programs contact them at 400 preserve the existing housing stock in Minnesota;preserve existing <br /> Sibley Street Suite 300,St.Paul, neighborhoods and prevent them from deteriorating; and promote energy <br /> MN 55101-1998,(651)296-7608 conservation in residential housing. <br /> or(800)657-3769. g• <br /> The Minnesota Legislature created the MHFA in response to a shortage of <br /> affordable housing for low-and moderate-income people. Private enterprise <br /> and private investment were unable, without public assistance, to provide an <br /> adequate supply of safe, sanitary, and decent housing at affordable prices <br /> and rents. Due to high construction costs and interest rates,new construction <br /> has been seriously curtailed,and home repairs and improvements are <br /> unaffordable for low-and moderate-income homeowners. This situation has <br /> made the MHFA and other housing programs more important than ever. <br /> 16-12 HANDBOOK FOR MINNESOTA CITIES <br /> This chapter last revised 12/15/2004 <br />