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21 <br />STAFF REPORT <br />To: Mayor and City Council Report No.: <br />From: Mike Mornson, City Manager <br />Date: November 13, 2007 <br />Subject: Gteater Metropolitan Housing Corporation <br />Background: In June 2002, the City of St. Anthony agreed to join the Greater Metropolitan Housing <br />Corporation (GMHC) of the Turin Cities. In joining this organization, the City of St. Anthony initially paid <br />$5,000. The $5,000 was paid because it was only for six months. In 2003 we paid $10,000 and from 2004 to <br />2007 we paid $12,500 per year. A memo from Roger Larson, Finance Director explains the payments in more <br />detail that is included in the packet. <br />In September 2002, GMHC staff and City staff discussed a revolving loan program. This program would give <br />residents the opportunity to make improvements to homes. The City Council approved the use of $100,000 of <br />HRA funds for the Housing Redevelopment Program. The housing Resource Center charged a 10% <br />administration fee and loaned out the remaining $90,000. <br />Resolution 07-072 authorizes the $12,500 to have GMHC continue the consultant agreement for 2008 and <br />provides $60,000 to be use for two programs, $30,000 for a Revolving Loan Fund and $30,000 for a <br />Rehabilitation Incentive Rebate Program. <br />Staff GMHC mike <br />