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SHERBURNE COUNTY <br /> • <br /> REQUEST FOR BOARD ACTION <br /> Requested Board Date: Originating Department: <br /> Flexibility: YES ❑ NO Admin: Economic Development <br /> Agenda Item: Presenter <br /> HRA: Consideration to approve the request for Alex Wikstrom <br /> proposals for the 2004 Minnesota City Participation <br /> Program (MCPP). Estimated Time: <br /> ❑ Consent Agenda in 5 Min. ❑ 15 Min. <br /> ❑30 Min. ❑45 Min. ❑ 1 Hour <br /> Board Action Requested: <br /> ❑ Information/Review ❑ Motion to approve... ❑Motion to deny... ❑ Other <br /> (Please word the motion below as you would like it to appear in the minutes.) <br /> Motion to approve the request for proposal for the 2004 Minnesota City Participation Program(MCPP) on <br /> behalf of all the cities in Sherburne County as recommended by City Economic Development Staff and <br /> SCEDA. <br /> Background: (Attach additional pages if needed) <br /> $1,278,501 was used by cities in Sherburne County through this program. The program allows banks to <br /> access proceeds bonds issued by the MHFA to rovide below low market interest rate home mortgage loans for <br /> low and moderate income first time home buyers (1-4 person income$60,250). House price limits are <br /> $228,059 for new construction and $204,183 for existing houses. The program also provides up to $3,000 in <br /> downpayment assistance and up to $60 in monthly mortgage payment assistance(cumulative amount$1,440). <br /> The County will pay a fee that is estimated to be about $300. <br /> Supporting Documents: © Attached ❑ None <br /> Department Head Signature/Date: <br /> (Administrator's Department will complete information below) <br /> VERIFICATION OF AGENDA ITEM <br /> Assigned Board Date/Time: Amount of Time allotted: <br /> Administrator's Department Signature/Date: <br /> BOARD ACTION Approved as Requested ❑Denied ❑ Tabled ❑ Other <br /> sate of Action: /4/J 4/ <br /> Comments: <br /> ///0,/to <br />