INFORMATION EDSR 09-13-1993 - Laserfiche WebLink

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MINNESOTA 410.® HOUSING flip' FINANCE AGENCY • DATE: September 8, 1993 INFORMATION TO: Participating Cities and Lenders, The 1993 Minnesota City Participation Program FROM: Michael Haleyk Director of Hbb gage Programs SUBJECT: MCPP Update 93-6; Mortgage Terms; Program Commencement Date; Program Announcement/Marketing; Program Code MORTGAGE TERMS The Minnesota Housing Finance Agency (MHFA) is pleased to announce that it has arranged for the sale of mortgage revenue bonds to fund the 1993 Minnesota City Participation Program (MCPP). The interest rate on the first $15 million of funds available has been set at 6.25% per annum which ties as the lowest interest rate offered in Agency history. Initially, home sellers will be charged 11/2 discount points under the program whether they are selling an existing or newly constructed home and lenders will net 21/2% of the original mortgage amount in fee income for originating a loan under MCPP. The maximum mortgage term may not exceed 30 years. PROGRAM COMMENCEMENT DATE In accordance with the Minnesota City Participation Program Application-Commitment Agreement, MHFA Form 93-1, the commitment term and set-aside term for all program participants shall begin on September 16, 1993. The commitment term shall expire on May 15, 1994 and the set-aside term shall expire on March 15, 1994. Participating lenders under the program may reserve mortgage loans as of September 16, 1993. • PROGRAM ANNOUNCEMENT/MARKETING • The MCPP will be announced through individual press releases for all participating cities which will be prepared and distributed to various local media on or about • September 15, 1993. It is also possible that a press event will be planned in one participating city. • 400 Sibley Street, Suite 300, St. Paul, Minnesota 55101 (612) 296.7608 Telecopier(612) 296-8139 TDD(612) 297.2361 Equal Opportunity Housing and Equal Opportunity Employment