6.0. EDSR 04-12-1993 - Laserfiche WebLink

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• with the Building Inspectors, and the Building and Zoning Administrator. IV. PROGRAM SPECIFICS (a) The 1993 MCPP is consistent with the City' s Comprehensive Plan because the program helps encourage a wide range of housing options in the community. This includes the preservation of existing homes plus the construction of new ones. (b) Borrower limits for the Twin Cities Metropolitan Statistical Area (MSA) is $40,800 . This is subject to revision based upon Internal Revenue Service issuing of new limits. An increase or decrease to the maximum limits will affect the current program limit of $40,800. (c) The proposed home purchase price limits, based on the 1992 MCPP Program is $95,000 (new construction) or $85,000 (existing) . These limits, subject to an adjustment to HUD' s safe harbor limits, will likely be revised. • (d) No targeting of specific population groups is planned. (e) No targeting of specific areas or of specific housing stock is planned. ( f) No optional program enhancements are planned. (g) To ensure that the financing of existing housing is a priority over new construction activity, 25% of Elk River' s MCPP funds must be used to finance existing homes. (h) Elk River is a good candidate for receiving 1993 MCPP funds . The City' s open spaces and recreational opportunities are key factors in Elk River's residential growth. The sale of existing homes plus the construction of new ones are consistently strong. V. ECONOMIC VIABILITY According to the Regional Multiple Listing Service of Minnesota, 235 existing homes were sold in Elk River during 1992 . The median sales price for these homes is • $96 ,094 . An additional 115 housing units were constructed in Elk River in 1992 . Of the 115 units, 107 were single family homes.