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5.0. 6.0. 7.0. 8.0. 9.0. HRSR 01-22-2001
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5.0. 6.0. 7.0. 8.0. 9.0. HRSR 01-22-2001
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Item 8. <br /> ELK RIVER HOUSING AND REDEVELOPMENT AUT TITY <br /> • MEMORANDUM <br /> TO: Housing & Redevelopment Authority <br /> FROM: Marc Nevinski, Assistant Director of <br /> #(04 .-- Economic Development <br /> DATE: January 22, 2001 <br /> SUBJECT: Update on Housing Programs <br /> Minnesota City Participation Program <br /> From 1991 to 1996, the Elk River HRA participated in the Minnesota Housing <br /> Finance Agency's (MHFA) Minnesota City Participation Program (MCPP), which <br /> provides loan dollars to qualified first time home buyers. Through the MCPP, MHFA <br /> sells mortgage revenue bonds on behalf of cities to meet locally identified housing <br /> needs. The proceeds are then used to provide below-market interest rate home <br /> mortgages for low-and moderate-income families. The loans are originated and <br /> administered through local lenders approved by the MHFA. Other than completing an <br /> application and paying a nominal processing fee,no time or resources are required of <br /> the HRA or staff to participate in the program. <br /> IIIFor whatever reason, the HRA did not participate in the program in the recent past. <br /> Staff recently received an application to participate in the 2001 MCPP. In researching <br /> the program further,staff learned that Sherburne County is making a county wide <br /> application, which would increase the total allocation and allow Elk River residents <br /> and lenders to access the loan funds. MHFA expects to bond for$37-45 million dollars <br /> state wide. <br /> Community Activity Set-Aside Program <br /> Another.MHFA program that the HRA may find useful at some point in the future is <br /> the Community Activity Set-Aside or CASA program. This program would allow the <br /> HRA to partner with at least one lender and possibly other partners to custom design <br /> a program that addresses a housing need or objective. While the possibilities are <br /> numerous, possible applications might include: <br /> • Renovation loans to homeowners in a geographic area. <br /> • Mortgages for employees of a specific employer or industry. <br /> • Loans to owners of dwellings with health or structural problems (lead paint, <br /> asbestos, substandard wiring). <br /> Given the ability to customize the qualification criteria, the CASA program,may be a <br /> valuable resource for the HRA in implementing the Downtown Redevelopment Plan. <br /> Staff will continue to research this and other housing and/or redevelopment resources. <br /> 13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330-1743 • (612) 441-7420 •Fax: (612) 441-7425 <br /> Equal Opportunity Housing and Equal Opportunity Employment <br />
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