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City of Elk River Housing Plan Updated January 2003 <br /> • Historic Tax Credits <br /> Any project utilizing historic tax credits must be a designated historic or a contributing member <br /> of a designated historic district to be eligible. They can only be used in conjunction with the <br /> rehabilitation or conversion of an existing structure. <br /> Community Activity Set-Aside Program(CASA) <br /> Provides lenders, local government and/or non-profit housing providers with set-asides of <br /> MHFA mortgage revenue bond funds to provide low interest rate financing for homeownership <br /> opportunities. <br /> Other programs administered by MHFA that are not included in the RFP include: <br /> HOME Program Rental Rehabilitation Grant Program <br /> Provides grants by utilizing Federal HOME funds for the rehabilitation of existing rental <br /> properties. Funding is coordinated through a local administrator which is the Central Minnesota <br /> Housing Partnership. <br /> Deferred Loan Program <br /> This program assists low-income homeowners in financing home improvements with 0% <br /> deferred loans. This program is available through local Community Action Agencies. <br /> Great Minnesota Fix-Up Fund <br /> This program provides low interest loans to assist homeowners in making housing improvements <br /> that increase the livability and energy efficiency of existing housing. <br /> Greater Minnesota Housing Fund <br /> Multi-Family Development Assistance <br /> Three types of assistance can be provided for affordable multi-family rental housing. They <br /> include gap financing, interim financing and employer assisted housing. Gap financing provides <br /> 0 to 1% interest deferred loans with the term matching that of the project's first mortgage. <br /> Interim construction financing is available at a 0% interest rate for developers during the <br /> construction period. Finally, matching funds are available for multi-family projects that have a <br /> significant commitment from local employers. <br /> Single Family Assistance <br /> The Greater Minnesota Housing Fund has three programs which fund activities related to single <br /> family homeownership and include gap financing, homebuyer education financing, and entry <br /> cost assistance. Gap financing is typically structured as a 0% interest, deferred second mortgage <br /> loans that are due on resale. Gap financing can be structured through different programs <br /> including the Building Better Neighborhoods Home Initiative, the New Home Construction <br /> Program, and Employer Assisted Housing. <br /> GMHF also provides funding for pre and post purchase homebuyer counseling. The Central <br /> Minnesota Housing Partnership is the primary provider of homebuyer education in Central <br /> Minnesota. <br /> • <br /> 39 <br />