Laserfiche WebLink
GREATER METROPOLITAN HOUSING CORPORATION - Twin Cities <br />15 South Fifth Street, Suite 710 • Minneapolis, MN 55402 <br />phone: (612) 339-0601 • fox: (612) 339-0608 <br />e-mail: smaag@gmmhc,org . website: www.gmhctc.org <br />November 25, 2002 <br />Ms. Sue Hall <br />Assistant City Administrator, City of St. Anthony <br />3301 Silver Lake Road <br />St. Anthony, MN 55418 <br />Dear Ms. Hall: <br />As a follow up to our meetings and phone conversations, the following is the Greater <br />Metropolitan Housing Corporation's (GMHC) proposal to administer the city of St. Anthony <br />Housing Rehabilitation Program. GMHC will perform all of the necessary duties related to <br />administering program including: <br />+ Create Program Guidelines, application and related forms <br />• Maintain waiting list <br />• Application intake <br />• Underwriting including verifying applicant's household income, family size, <br />credit checks, loan to value ratios and debt to income ratios <br />• Inspect the property <br />• Assist with the development of scopes of work and bid <br />• Assist homeowner with the selection of a contractor <br />• Evaluate bids and work completed to ensure quality and cost effective <br />renovations <br />• Monitor the construction process <br />• Close loan <br />• Prepare monthly reports <br />The total amount allocated to this program is $100,000. Our fees for administering this loan <br />Program will be 10% of the total loan pool or $10,000. We will request these funds in thirds: <br />$30,000 upon execution of this agreement; $40,000 once those funds have been allocated, <br />and the balance of $30,000 after those funds have been allocated. <br />If you choose to use program income (the funds that are paid back from the loan pool), we <br />would charge $300 per loan. Any additional program funds added to the program, we would <br />charge 10% of the amount added to the program. , , . <br />Sincerely, /J Accepted by: <br />Date: <br />Carolyn E. Olson <br />President <br />S o u t It s t d e <br />3800 Longfellow Avenue South <br />Minneapolis, MN 55407 <br />Ph: (612) 722 - 7141 <br />N o' r t It e a s <br />909 Main Street NP. <br />Minneapolis, MN 55413 <br />Ph: (612) 378 - 7985 <br />"' 1°' e` r U N o r t i1 w e s t <br />1170 County Road 1 2140 - 44th Avenue North <br />Shoreview, MN 5517.6 Minneapolis, MN 55412 <br />Ph: (651) 486 - 7401 Ph: (612) 588 - 3033 <br />31 <br />