HRSR INFORMATION 02-02-2004 - Laserfiche WebLink

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VI. PROGRAM ADMINISTRATION • Participating lenders originate home mortgage loans, which MHFA buys in accordance with the MHFA Mortgage Program Procedural Manual. • If a city commits additional resources or subsidies in conjunction with MCPP, a layer of guidelines may be added as required by the source of the subsidy. INDIVIDUAL CITIES ARE RESPONSIBLE FOR THE DEFINITION AND ENFORCEMENT OF THESE ADDED GUIDELINES. • The Minnesota Department of Finance charges a processing fee of$20 for each$100,000 allotment provided and a 1% refundable deposit. For cities participating in MCPP, this is due with the executed MCPP contract returned by each city before the bonds are sold. DO NOT SEND A CHECK BACK WITH YOUR COMPLETED RFP; WE WILL NOTIFY YOU WHEN TO FORWARD YOUR FEE. • MHFA provides marketing support in the form of brochures, press releases and a shared marketing cost program. VII. APPLICATION PROCESS 1. Following the application deadline, MHFA reviews all submitted applications. 2. MHFA applies the per capita allocation formula, as specified in statute, to determine the allocation plan. • 3. MHFA completes a mailing notifying cities of allotment amounts, and provides a formal request for fees. (DO NOT SEND A CHECK BACK WITH YOUR COMPLETED RFP). For those cities participating in MCPP, the mailing also includes two (2) contracts, which must be signed and returned. 4. Cities participating in MCPP must execute and return the contract along with the processing fee (see Part VI. Program Administration) and a 1% application deposit. MHFA fully refunds the 1% application deposit approximately one month after the closing of the bond sale. 5. Please note that upon notification of allotment, self-issuing cities must send all fees directly to the Department of Finance at the following address: Peter Sausen Minnesota Department of Finance Cash and Debt Management Division 400 Centennial Building 658 Cedar Street St. Paul, MN 55155 • 11/03