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City Council Regular Meeting Minutes January 9, 2007 Page 3 1 Ms. Snyder presented a brief report on the services provided to the residents of St. Anthony by 2 the Greater Metropolitan Housing Corporation (GMHC) over the past four years. She explained 3 the GMHC is a 35 -year-old non-profit organization serving the seven county metropolitan areas. 4 She pointed out it was first established by the business community to provide affordable housing 5 opportunities in the city of Minneapolis. She stated that as the housing need grew, the services 6 grew to serve about 17 other surrounding communities. Ms. Snyder stated she has been with 7 GMHC for only six months and expressed her appreciation for the opportunity to get to know the 8 community and City leadership. 10 Ms. Snyder explained the Housing Resource Centers consists of five centers that provide 11 services at the neighborhood level. She introduced Ms. Denise Eloundou, Coordinator for 12 Housing Resource Center Northeast serving the St. Anthony. 13 14 Ms. Eloundou presented a brief overview of the programs available to St. Anthony residents and 15 explained the guidelines and the accomplishments over the past two years. Ms. Eloundou stated 16 that since October 1, 2002, the GMHC has provided St. Anthony residents with a rehab incentive 17 program, a revolving loan program, a Minnesota Housing Finance Agency (MI -IFA) Fix -Up 18 Fund, and a MHFA rental rehab loan. She explained the rebates are for home improvement, 19 which provides a maximum rebate of $3,000. She explained residents with an income of not 20 exceeding $88,000 qualify to receive a 10, 12, or 15% refund on home improvement costs. 21 22 Ms. F,loundou explained the Rehab Incentive Funding Pool received $40,000 from the MHFA 23 and the City of St. Anthony in October 2002, $30,000 from the City of St. Anthony in May 2006, 24 with a balance of funds remaining at $3,885.93 for home improvement and rebate. She stated 25 that a total of 82 rebates have been given to date for a total of $66,107.47 rebate dollars spent. 26 Ms. Eloundou reported $700,201.21 was spent by residents for home improvements with an 27 average rebate amount of $806.12. She stated the leveraged amount was $634,093.74, which is 28 about $10.59 per dollar. 29 30 Ms. Eloundou reported there is no limit on income for the revolving loan program. She 31 explained the interest rate is a 4% fixed rate for a seven-year term. She pointed out the maximum 32 loan amount is $10,000. She explained the loan can be used for interior and exterior repairs such 33 as roofing, siding, decks, flooring, windows, and garages. Ms. Eloundou stated that to date eight 34 loans have closed with $66,251.14 loan funds given, leaving $23,748.86 in the loan pool. 35 36 Ms. Eloundou explained the two other Minnesota Housing Programs are the MFIFA Fix Up Fund 37 and the MHFA Rental Rehabilitation Loan. She explained the Housing Resource Center also 38 provides construction consultation to assist residents with information on construction, building 39 codes and permits. She stated Housing Resource Center staff assist in reviewing contractor bids, 40 proposals, and estimates and provide a written scope of work or a list of work for contractors to 41 bid from. She indicated that to date they have provided 297 consultations, 198 site visits and 42 inspections, and 47 scopes of work. 43 44 Councihnember Stille asked to Ms. Eloundou or Ms. Snyder to expand on where funding comes 45 from. 46 3