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,.'dai6hony <br />CJ <br />Report Date: <br />Meeting Date: <br />RE62LESTEOR OOkNCIL.00NSlDF�2,4TfDN <br />March 13, 2012 <br />March 13, 2012 <br />Agenda Section: VLE. <br />ITEM DESCRIPTION: <br />Resolution 12-036, Adopting the Amendments to the Greater Metropolitan Housing <br />Corporation's Program Guidelines. <br />MANAGER'S REVIEW: <br />The City of St. Anthony renewed their contract with Greater Metropolitan Housing <br />Corporation (GMHC) on February 14, 2012. In reviewing the Program Guidelines, the city <br />requested amending the following sections: <br />Interest Rate — Amend from four (4%) percent to three percent (3%); <br />• Loan Amount — Allowing a household to obtain more than one loan as long as the <br />first loan is current and the sum of the two loans does not exceed the maximum of <br />$10,000; <br />Total Project Cost — Additional language stating "additional funds needed to <br />complete the project must either be escrowed with the Greater Metropolitan <br />Housing Corporation (GMHC) or the funds must be paid into the project before <br />loan funds are expended. <br />These amendments will bring the Program Guidelines up-to-date. <br />Mark Casey <br />City Manager <br />FACouncil Meetings120121031320121staffGMHC.docx - 1 - <br />25 <br />