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City Council Regular Meeting Minutes <br />November 13, 2007 <br />Page 3 <br />Housing Redevelopment Program. He explained the Housing Resource Center charged a 10% <br />administration fee and loaned out the remaining $90,000. <br />City Manager Mornson explained that Resolution 07-072 authorizes the $12,500 to have GMHC <br />continue the consultant agreement for 2008 and provides $60,000 two programs, $30,000 for the <br />Revolving Loan Fund and $30,000 for a Rehabilitation Rebate Program. <br />Councilmember Gray questioned how many residents took advantage of the programs. <br />10 City Manager Morrison reported the statistics would be reported by GMHC. <br />11 <br />12 Ms. Suzanne Snyder, GMHC Program Director, introduced herself and Ms. Denise Elando, <br />13 Program Coordinator Northeast. She provided the history, background, and purpose of the <br />14 GMHC organization. <br />15 <br />16 Ms. Elando exhibited a PowerPoint presentation on the relationship with the residents of St. <br />17 Anthony since 2002. She stated the Housing Resource Center —Northeast administers the <br />18 Revolving Loan Fund, the Rebate Incentive Program, and the Minnesota Housing Finance <br />19 Agency Fix Up Fund Loan. She provided statistics on how many residents took advantage of <br />20 these programs. <br />21 <br />22 Councilmember Stille questioned the revolving loan fund and asked about the history of <br />23 delinquencies or losses. <br />24 <br />25 Ms. Elando reported there have been no delinquencies or losses. <br />26 <br />27 Councilmember Stille asked about the debt to income ratio as being somewhat high. <br />28 <br />29 Ms. Elando replied the state would go as high as 55 percent. <br />30 <br />31 Discussion ensued on the Revolving Loan Program. <br />32 <br />33 Mayor questioned the rebate percentages, and asked whether the applicant's assets, as well as <br />34 income, were considered. <br />35 <br />36 Ms. Snyder replied assets were not considered. <br />37 <br />38 Motion by Councilmember Gray, seconded by Councilmember Thuesen, to approve Resolution <br />39 07-072, a Resolution Approving the Contract with the Greater Metropolitan Housing <br />40 Corporation (GMHC). <br />41 <br />42 Councilmember Stille commented this is a City asset and should be monitored. <br />43 <br />44 Mayor Faust stated the rebate program should be approved at the Council level. He requested <br />45 additional feedback from the Finance Director and information on what is being spent on the <br />46 programs. <br />