Laserfiche WebLink
fV. States onsored de~relopment <br />tools <br /> A. Minnesota Housing Finance Agency <br />'~rr,n. star. cl,. ~~~:1. For mo,-e The goals of the Minnesota Housing Finance Agency (MHFA) are to <br />information about'~ixlfi <br />prosrams, contact MxFa at 40o <br />provide decent, affordable housing to low- and moderate-income people; <br />sibtey street suite soo, st. Paul, preserve the existing housing stock in Minnesota; preserve existing <br />tvtN sslol-l~~s (~st) z~~-~~os neighborhoods and prevent them from deteriorating; and prevent mortgage <br />or (800) 6s7-3769. <br />foreclosures while promoting energy conservation in residential housing. <br /> The Minnesota Legislature created the MHFA in response to a shortage of <br /> affordable housing for low- and moderate-income people. Private enterprise . <br /> and private investment were unable, without public assistance, to provide an <br /> adequate supply of safe, sanitary, and decent housing at affordable prices <br /> and rents. <br />~~t;,,,,-star. =~?a_o?= ~t seg. The sale of state tax-exempt bonds is the primary financing for MFHA <br />ivtxFa: nt;n,,esori t`.,r; programs. Through the Minnesota City Participation Program, Minnesota <br />P",:;cipation Pro~~r"'". Housing sells mortgage revenue bonds on behalf of cities to meet locally <br /> identified housing needs. The proceeds of these bonds provide below-market <br /> interest rate home mortgage loans for low- and moderate-income, first-time <br /> homebuyers, or for the construction or rehabilitation of single- and multi- <br /> family housing. Appropriations from the Legislature provide additional <br /> funding for programs, including the promotion of energy conservation; an <br /> increase in home ownership opportunities for first time homebuyers; home <br /> improvement grants to very low-income homeowners; and programs to <br /> improve the housing available to Native Americans, large families, and <br /> people with disabilities. <br /> B. Department of Employment and <br /> Economic Development (DEED) <br />'.linn_ Brat- til.. i `:~. The Minnesota Department of Employment and Economic Development is <br />1~ti,lnesota f)epamre~~a .~f the primary development agency for Minnesota. DEED staff is responsible <br />tr?ipl"v'r`:;`; `"~ F"""w`i` for a wide range of grant and loan programs, as well as for providing <br />i%t b'2 iOPi7icnt. <br />technical assistance to businesses and communities. <br />.rig r. st<~=. ?~. ; ;t;!.= '- DEED also provides grants for contamination cleanup and redevelopment; <br />''°';.-t~~. administers the rural development program; makes challenge grants to <br />The I.JaL.i €~e.eie;rn~ra. <br />regional organizations to encourage private investment in rural areas; and <br /> administers a revolving loan fund to provide loans to new and expanding <br /> business in rural Minnesota. Local government units, including cities, may <br /> receive these loans if the community has established a local revolving loan <br /> fund and can provide at least an equal match to the loan received. <br />16:18 LEAGUE of Nltvm~soTw CITIES <br />This chapter last revised L/2010 <br />