01-30-1996 HR MIN - Laserfiche WebLink

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• MEETING OF THE ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY HELD AT THE ELK RIVER CITY HALL JANUARY 30, 1996 Members Present: Chair Schuldt, Commissioners Hinkle, Wilson Members Absent: Commissioners Farber, Kropuenske Staff Present: Bill Rubin, Executive Director; Michelle Dwyer, Recording Secretary 1. Call Meeting To Order Pursuant to due call and notice thereof, the meeting of the Elk River Housing and Redevelopment Authority was called to order at 5:07 p.m. by Chair Schuldt. 2. Consider January 30, 1996, HRA Agenda The following changes were made to the agenda: 5.A Consider the 1995 HRA Cash Activity 5.B Consider HRA Check Register COMMISSIONER WILSON MOVED TO CONSIDER THE JANUARY 30, 1996 AS REVISED. COMMISSIONER HINKLE SECONDED THE MOTION. THE MOTION CARRIED 3-0. 3. Consider January 9, 1996, HRA Minutes COMMISSIONER HINKLE MOVED TO APPROVE THE JANUARY 9, 1996 HRA MINUTES. COMMISSIONER WILSON SECONDED THE MOTION. THE MOTION CARRIED 3-0. 4. Consider an Application to Minnesota Housing Finance Agency (1996 First Time Home Buyer Program) Bill Rubin, Executive Director introduced the annual MHFA First Time Homebyer Program. MHFA proposes to sell$38 to$56 million in mortgage revenue bonds for the program. Applicants must have an adjusted gross income not exceeding $40,800 and eligible properties must not exceed a maximum purchase price of$95,000 for new construction or existing homes. Last year MHFA introduced a population-based allocation, Elk River will likely obtain approximately$260,000 for mortgages in 1996. Each community has exclusive use of its reservation for six months. COMMISSIONER WILSON MOVED TO AUTHORIZE AN APPLICATION TO THE MINNESOTA HOUSING FINANCE AGENCY FOR A"MAXIMUM ALLOWABLE" ALLOCATION OF ITS MCPP FUNDS FOR FIRST TIME HOME BUYER MORTGAGES. COMMISSIONER HINKLE SECONDED THE MOTION. THE MOTION CARRIED 3-0.