INFORMATION HRSR 03-24-2003 - Laserfiche WebLink

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i of El Riv•r H I usin' Plan U.dated Januar 2013 Gap Financing—CMHP collaborates with the Greater Minnesota Housing Fund and local lenders to provide individuals/families experiencing an affordability/value gap with interest free financing. Project Packaging and Technical Assistance—CMHP provides technical assistance to communities and organizations developing housing projects including new development, preservation, or rehabilitation. They also assist in assembling a financial package for the project including grant writing. Minnesota Housing Partnership Predevelopment Loan Program Provides loans up to $50,000 to cover a variety of expenses necessary to finance, design, or plan a housing project for low to moderate income persons prior to acquiring, constructing or rehabilitating a project. Some typical expenses may include architectural, engineering or other professional fees; processing and financing expenses; and consultant or staff costs related to project planning or funding proposals. All expenses covered through this loan program must be reimbursable by permanent development funders. Federal Home Loan Bank The Federal Home Loan Bank of Des Moines provides low-cost short and long-term funding and community lending to participating institutions. Funds are available for new construction gap • funding, rehabilitation gap funding, homebuyer assistance, construction financing, and funding for infrastructure. Other Resources Community Action Agencies Local Community Action Agencies have funds available through their weatherization program that can assist homeowners in making repairs that provide a more energy efficient home. Funds are typically available for both repairs and energy assistance. Many agencies also administer funds through MHFA's rehabilitation loan program. Essential Function Bonds Revenue Bonds that are issued by the City or an Authority of the City(EDA). The Bonds are sold to investors and are backed by"good faith" guarantees of the City. The funds can be used for any costs associated with the new construction or rehabilitation or conversion of residential rental property. Tax Increment Financing State law enables cities, port authorities, housing and redevelopment authorities, and economic development authorities to administer development, redevelopment, or rehabilitation activities that are financed by the increase in property taxes generated by the activity. This tool can be used to redevelop blighted areas, construct low and moderate income housing, along with many other development activities. • 41