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/( AK. <br /> ity of <br /> lk River MEMORANDUM <br /> TO: HRA COMMISSIONERS <br /> FROM: PAT KLAERS, CITY A h ISTRATOR <br /> 0 <br /> DATE: MARCH 11, 1996 <br /> SUBJECT: AGENDA MEMO FOR MARCH 11 HRA <br /> MEETING <br /> 5/6. Minnesota Housing Finance Agency First Time Homebuyer Loan <br /> Program <br /> Last month, the HRA authorized the city's application to the <br /> Minnesota Housing Finance Agency (MHFA) for the first time <br /> homebuyer loan program. The city has participated in this program <br /> for a number of years. Attached for your review is the program <br /> • application-commitment agreement for having the city participate in <br /> this first time homebuyer program for 1996. The amount granted <br /> ($280,246) is similar to the amount approved last year. Also attached <br /> for your review is the information on this program as provided by <br /> MHFA and the fee schedule for the Elk River HRA. Finally, by way of <br /> background material, attached is Bill Rubin's 1/30/96 memo on this <br /> program when the HRA approved the application. <br /> It is recommended that: <br /> • The HRA approve a motion authorizing the HRA Chair to <br /> execute the program application/commitment agreement on <br /> behalf of the Elk River HRA <br /> • The HRA approve a motion authorizing payment of fees in <br /> the amount of$2,862.46 to Minnesota Housing Finance <br /> Agency to cover the costs associated with the 1996 Minnesota <br /> City Participation Program. (Please note that all but $60 of <br /> this fee will be returned to the HRA) <br /> i <br /> 13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • (612) 441-7420 • Fax: (612) 441-7425 <br />