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ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY <br /> • <br /> MEMORANDUM <br /> TO: Housing and Redevelopment Authority <br /> : -FROM: Paul T. Steinman, Director of Economic <br /> Development <br /> DATE: January 21, 1997 <br /> SUBJECT: Agenda Items#6, 7, and 8 <br /> 6. Minnesota City Participation Program (MCPP) Application <br /> Background <br /> Through the MCPP, the Minnesota Housing Finance Association <br /> (MHFA) sells mortgage revenue bonds on behalf of cities to meet <br /> locally identified housing needs. The proceeds of these bonds provide <br /> below market interest rate home mortgage loans for low and moderate <br /> • income first time home buyers. The housing pool for mortgage revenue <br /> bonds in 1997 is anticipated to be in the range of$37 to $45 million. <br /> In response to the MCPP request for proposals, staff submits the <br /> attached application for discussion and approval by the Housing and <br /> Redevelopment Authority. Applications for the 1997 program are <br /> being accepted until February 18, 1997. <br /> Last year Elk River received an allocation of$280,246 based upon a <br /> population formula. The only out of pocket expenses which are <br /> associated with this process include a fee in the amount of$20.00 per <br /> $100,000 allotment. A separate 1 percent application deposit must <br /> also be returned with the allocation agreement, but is fully refundable <br /> approximately one month after the bond sale. <br /> Attachments <br /> • Minnesota City Participation Application <br /> • <br /> P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330-1743 • (612) 441-7420 • Fax: (612) 441-7425 <br /> Equal Opportunity Housing and Equal Opportunity Employment <br />