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HRSR INFORMATION 02-02-2004
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HRSR INFORMATION 02-02-2004
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City Government
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HRSR
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2/2/2004
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• <br /> The Minnesota City Participation Program(MCPP) <br /> PROGRAM GUIDELINES <br /> Through the MCPP, MHFA sells mortgage revenue bonds on behalf of cities to meet locally identified <br /> housing needs. The proceeds of these bonds provide below-market interest rate home mortgage loans <br /> for low- and moderate-income first-time homebuyers. The MCPP provides cities throughout the state <br /> with a unique opportunity to easily access housing resources to meet the needs of their citizens. (Note: <br /> City means any statutory or home rule charter city, county housing and redevelopment authority, or any <br /> public body which: a) is the housing and redevelopment authority, port authority, or an economic <br /> development authority of a city; and b)is authorized by a statutory or home rule charter city.) <br /> I. FUNDS <br /> • Statute limits the single-family portion of the housing pool to an initial 31%. <br /> • Per statute, MHFA uses a population-based formula to determine each city's maximum allocation. <br /> The maximum allocation a city receives is determined by its population compared to the total <br /> population of all applicants. <br /> • Cities apply for a specific dollar amount (minimum of $100,000) or request the "maximum <br /> allowable"under the population formula. If the individual allocation as determined by the per capita <br /> formula falls below a level that the city cites as "minimum," MHFA contacts the city to verify <br /> • whether the city would like to cancel its application. <br /> • If funds remain in the housing pool on July 15th,MHFA may request those funds on behalf of cities <br /> that received an initial allocation in the 2004 program year. Statute directs MHFA to provide those <br /> funds to cities in a pool on a first come,first served basis. <br /> II. USAGE TEST <br /> • A city must use at least 50%of its 2004 allocation by the program expiration date. If the city uses <br /> less than 50%, its program year 2005 allocation is limited to the amount successfully used in 2004. <br /> However, cities receiving the minimum allocation of$100,000 must use 50% of their initial 2004 <br /> allocation to participate in 2005. If a city receiving the minimum allocation fails to use 50% of their <br /> initial 2004 allocation and does not participate in 2005, the city may receive a 2006 allocation <br /> based on the population formula. <br /> • The usage test also applies to self-issuers. Submission of this application requires these cities to <br /> submit loan origination data to MHFA to confirm compliance with this statutory requirement. <br /> III. PROGRAM TERM <br /> • The 2004 MCPP program term will run for eight months. Cities retain the exclusive use of their <br /> individual allotments for a six-month period. Following the expiration of the six- month period, <br /> MHFA collapses all remaining individual allotments into a single, statewide pool available to all <br /> participating cities for the remaining program term. <br /> 4111 <br /> 11/03 <br />
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