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Elk River Housing and Redevelopment Authority Meeting Page 3 <br /> January 26. 1998 <br /> • 7.1. Minnesota City Participation Program (MCPP) <br /> Paul Steinman indicated that the MCPP relates to a first time homebuyer <br /> program which the city was enrolled in last year. He explained that the pool of <br /> funds for the program are designated from the State of Minnesota. He further <br /> explained that if the city does not use more than 50 percent of its funds it will be <br /> penalized by not being able to participate in the program for the next two <br /> years. Paul explained that the city did not utilize the necessary amount of funds <br /> and therefore would not be able to participate in the program for 1998/99. <br /> 8. Adjournment <br /> There being no further business, COMMISSIONER WILSON MOVED TO ADJOURN <br /> THE MEETING. COMMISSIONER HINKLE SECONDED THE MOTION. THE MOTION <br /> CARRIED 4-0. <br /> The meeting of the Elk River Housing and Redevelopment Authority was <br /> adjourned at 5:50 p.m. <br /> Re itted, <br /> Gam• <br /> Sandra Thackeray <br /> • City Clerk <br /> • <br />