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<br /> <br />ITEM 5 <br /> <br />TO: MAYOR AND CITY COUNCIL <br /> <br />FROM: WILLIAM RUBIN, ED COORDINATO~V2- <br /> <br />DATE: MARCH 4, 1993 <br /> <br />SUBJECT: METROPOLITAN MORTGAGE INSURANCE <br />LIMITS <br /> <br />INTRODUCTION <br /> <br />At its March 8, 1993, meeting, the Elk River City Council will <br />be asked to authorize a letter to the Department of Housing and <br />Urban Development which requests an expeditious adjustment to <br />Sherburne County's single-family mortgage insurance limits to <br />reflect those limits of the Twin Cities metro area. <br /> <br />BACKGROUND <br /> <br />. <br /> <br />Realtors, home builders, and mortgage lenders have expressed <br />some concern about how expedient the Federal Housing <br />Administration (FHA) may be in adjusting the single-family <br />mortgage insurance limits in Sherburne County to reflect those <br />limits currently found in the balance of the Twin Cities metro <br />area. <br /> <br />As Council will recall, the federal Office of Management and <br />Budget recently designated Sherburne County as part of the <br />13-county Twin City Metropolitan Statistical Area (MSA). With <br />this designation, positive factors such as higher mortgage <br />insurance limits will eventually fall into place. Realtors, <br />lenders, etc. are concerned about FHA's desire to do this in <br />light of some perceived negative discussions that have occurred <br />regarding Sherburne County's new designation in the Twin City's <br />MSA. <br /> <br />As a result, it may be appropriate to go on record that the <br />City of Elk River has requested an adjustment in the mortgage <br />insurance limits if in fact, FHA is reluctant to adjust the <br />limits promptly. A draft of the letter to HUD is enclosed in <br />the agenda packet. <br /> <br />ACTION REQUESTED <br /> <br />The City Council is asked to authorized this letter to the <br />Department of Housing and Urban Development. <br /> <br />. <br /> <br />720 Dodge Avenue N.W., Elk River, Minnesota 55330 (612) 441-7420 <br />