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INFORMATION <br /> •ity of <br /> Elk!kjver <br /> February 19, 1998 <br /> Minnesota Housing Finance Agency <br /> 400 Sibley Street <br /> Suite 300 <br /> St. Paul, Minnesota 55101 <br /> ATTN: Michelle Ramos, MCPP Coordinator <br /> Dear Ms. Ramos: <br /> At the request of the Elk River Housing and Redevelopment Authority <br /> • (HRA), this letter is being written to express a couple of issues regarding our <br /> community's inability to use the MCPP dollars for 1997. <br /> As you are aware, the Elk River HRA was allocated $233,893 under the <br /> Minnesota City Participation Program. As you are also likely aware, the Elk <br /> River HRA did not use any of its allocation in 1997. Our discussion was that <br /> a number of factors likely affected the use of this program in 1997: <br /> • low standard mortgage rates versus those available through MCPP <br /> • the average price of homes available for sale in Elk River <br /> • program income limits. <br /> The HRA feels there is a positive benefit to be derived through its <br /> participation in this program. However, due to the aforementioned issues <br /> which affected our ability to use the 1997 allotment, we will be unable to <br /> participate for the next two years. If there are issues the HRA can address <br /> with MCPP to increase overall participation in this program, we will be <br /> happy to do so. The HRA questioned whether other committees had similar <br /> problems using their 1997 allotment. I would appreciate a response with any <br /> suggestions or comments regarding the issues I have identified in this letter. <br /> Please do not hesitate to call me at 441-4905. <br /> • <br /> 13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • TDD & Phone: (612) 441-7420 • Fax: (612)441-7425 <br />