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i <br /> CHAPTER 15 <br /> IV. State-sponsored development <br /> tools <br /> A. Minnesota Housing Finance Agency <br /> Minn.Stat.ch.402A.For more The goals of the Minnesota Housing Finance Agency(MHFA) are to <br /> information about MHFA <br /> programs,contact MHFA at 400 provide decent, affordable housing to low-and moderate-income people; <br /> Sibley Street Suite 300,St.Paul, preserve the existing housing stock in Minnesota;preserve existing <br /> MN 55101-1998(651)296-7608 neighborhoods and prevent them from deteriorating; and prevent mortgage <br /> or(800)657-3769. <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 /> Minn.Stat. .462A.073 etseq. The sale of state tax-exempt bonds is the primary financing for MFHA <br /> MHFA:Minnesota City programs. Through the Minnesota City Participation Program,Minnesota <br /> Participation Program. 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 /> Minn.Stat.ch. 116J. The Minnesota Department of Employment and Economic Development is <br /> Minnesota Department of the primary development agency for Minnesota. DEED staff is responsible <br /> Employment and Economic <br /> Development. for a wide range of grant and loan programs, as well as for providing <br /> technical assistance to businesses and communities. <br /> Minn.Stat.§4 116 .411 to DEED also provides grants for contamination cleanup and redevelopment; <br /> 116.1.424. administers the rural development program;makes challenge grants to <br /> The USDA Development. <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 /> 15:18 LEAGUE OF MINNESOTA CITIES <br /> This chapter last revised 12/2010 <br />