BY PRESIDENT GILBERT:00-0317R
RESOLUTION AUTHORIZING APPLICATION TO THE MINNESOTA HOUSING FINANCE AGENCY FOR $1,000,000 IN COMMUNITY ACTIVITY SET ASIDE PROGRAM FUNDING AND AUTHORIZING THE CITY TO ENTER INTO THE 2000 COMMUNITY ACTIVITY SET ASIDE PROGRAM APPLICATION-COMMITMENT AGREEMENT.
RESOLVED, that the proper city officials are hereby authorized to apply to the Minnesota housing finance agency for an allocation pursuant to the community activity set aside program for $1,000,000, said funds to be loaned to low- and moderate-income first-time home buyers at below market interest rates.
FURTHER RESOLVED, that the
proper city officials are hereby authorized to enter into the community
activity set aside program application-commitment agreement with the Minnesota
housing finance agency related to the allocation and sale of qualified
mortgage bonds for the benefit of low- and moderate-income home buyers
in the city, which agreement is substantially in the form of that on file
in the office of the city clerk as Public Document No. ______________.
1) access to additional low interest mortgage funding (the Duluth Minnesota city participation program year 2000 allocation was approximately half of the 1999 allocation) andThe resolution further authorizes the city to enter into a CASA application-commitment agreement with MHFA. Under the program, MHFA provides lenders, local governments, and/or nonprofit housing providers with set-asides of MHFA mortgage revenue bond funds enabling them to meet the home ownership objectives/needs of their communities by providing end loans to consumers.
2) the CASA program will enhance the "At Home in Duluth" program efforts to re-energize targeted neighborhoods and diversify incomes throughout these neighborhoods.