HomeMy WebLinkAboutHousing & Redevelopment Authority Resolution 85-07HOUSING AND REDEVELOPMENT AUTHORITY
CITY OF PLYMOUTH
Pursuant to due call and notice thereof, a special meeting of the Housing and
Redevelopment Authority of the City of Plymouth, Minnesota, was held on the 3rd
day of 3une, 1985. The following members were present: Chairman Del Erickson,
Comelssioners Pat Meals and Rod Hillstrom
The following members were absent: CommiSsioners Gerry
Meals and Harold Bakke
Commissioner Hillstrom introduced the following Resolution and moved .its
adoption:
RESOLUTION NO. 85-07
RECOMMENDING THE PLYMOUTH CITY COUNCIL TO ENTER INTO AGREEMENT WITH THE MINNESOTA
HOUSING FINANCE AGENCY FOR THE MUNICIPAL FIRST TIME HOME BUYERS MORTGAGE LOAN PROGRAM
WHEREAS, the Plymouth Housing and Redevelopment Authority has undertaken a Scattered
Site Acquisition and Single Family Home Rehabilitation Program to assist moderate
Income larger families to purchase affordable homes,in Plymouth; and,
WHEREAS, the Plymouth Housing and Redevelopment Authority authorized development of
the property known as Glacier Meadows for three single family homes; and,
WHEREAS, this development will be more affordable for moderate income families if allIathefinancingmechanismsareavailable; and,
WHEREAS, the State of Minnesota and the Minnesota Housing Finance Agency through its
Municipal First Time Home Buyers Mortgage Loan Program can provide developers and
Housing and Redevelopment Authorities lower interest rate mortgages; and.
WHEREAS, at least one private sector housing developer has asked the City to
undertake the necessary application so his development could also benefit;
NOW, THEREFORE, BE IT RESOLVED BY THE PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY,
that the City should enter into an agreement with the Minnesota Housing Finance
Agency (MHFA) for up to $2 million of mortgage money committment under the MHFA
Municipal First Time Home Buyers Mortgage Loan Program.
Further an agreement with the developer would require the developer to pay all the
reouired MHFA committment fee except for mortgage money set-aside for the Plymouth
HRA and that a set-aside of $200,000 in mortgage money be made for the HRA's
Scattered Site Home Ownership Program.
The motion for adoption of the foregoing Resolution was duly seconded by Pat Hells
and upon vote being taken thereon, the
following voted in favor thereof: Chairman Erickson, Pat Meals and Roil Hillstrom
following voted against or abstained: None
whereupon the Resolution was declared duly passed and adopted.