HomeMy WebLinkAbout1997-03-03 HRA Regular Meeting • MINUTES OF THE
EDINA HOUSING AND REDEVELOPMENT AUTHORITY
HELD AT CITY HALL
MARCH 3, 1997 -7:00 P.M.
ROLLCALL Answering rollcall were Commissioners Faust, Hovland, Maetzold and
Chairman Smith.
CONSENT AGENDA ITEMS APPROVED Motion made by Commissioner Maetzold and
seconded by Commissioner Faust to approve and adopt the Consent Agenda items
as presented.
Rollcall:
Ayes: Faust, Hovland, Maetzold, Smith
Motion carried.
*MINUTES OF THE HRA MEETING OF FEBRUARY 18 1997 APPROVED Motion made
by Commissioner Maetzold and seconded by Commissioner Faust approving the
Minutes of the Regular HRA Meeting of February 18, 1997.
Motion carried on rollcall vote -four ayes.
RESOLUTION AUTHORIZING PARTICIPATION IN M ESOTA HOUSING FINANCE
• AGENCY (MHFA) HOME IMPROVEMENT LOA ROGRAM THROUGH THE
HENNEPIN COUNTY HOUSING AND REDEVELOPMENT AUTHORITY Executive
Director Hughes explained the Hennepin County Housing and Redevelopment Authority
(HCHRA) submitted an application for the Minnesota Housing Finance Agency (MHFA)
Minnesota Cities Participation Program. In 1996, Edina was one of fourteen (14)suburban
Hennepin County communities applying for these mortgage funds on their own. Due to the
fact that less than 50% of Edina's allocated funds were utilized, we are not eligible to
submit a separate application for funds in 1997, however,the HCHRA will make application
for mortgage funds on our behalf. That being the case, unlike 1996 when $1,024,667 was
set aside for Edina residents, an allocation will not be assigned to Edina however, Edina
residents will be able to apply for mortgage funds through the HCHRA.
Under the Minnesota City Participation Program, the MHFA sells mortgage revenue bonds
on behalf of city and county housing authorities. The proceeds of these bonds provide
below-market, interest rate mortgage loans for low and moderate-income first-time home
buyers. The maximum purchase price for single-family homes under the program is
$95,000. The loans are originated are processed by area participating lenders.
The MHFA allocates mortgage funds under this program on a per capita basis. Preliminary
estimates of a county application could result in an additional $3 million in mortgage funds
available to residents in Hennepin County.
• The Metropolitan Council stated a community's participation in the county application will
be viewed as an effort to advance affordable housing, regardless if mortgages are utilized
within the city borders as well as assist participating cities in the implementation of the
Livable Community's Act. •
Director Hughes noted in addition to the First Time Homebuyers Mortgage Program, the
HCHRA has been designated by MHFA as an approved lender for the Home Improvement
Loan Programs. This would include a Fix-Up Fund and Home Energy Loans. Under the
Fix-Up Fund, income eligible homeowners can qualify for up to a $15,000 loan at interest
rates between two and eight percent. Energy loans of up to $5,000 are available to
homeowners at eight percent interest. These programs would be operated in conjunction
with other CDBG and MHFA funded single-family housing rehabilitation programs.
In order for Edina residents to participate in either the First Time Homebuyers Mortgage
Program or the Home Improvement Loan Program, the City's HRA will need to approve a
separate resolution for each program requesting the HCHRA to operate the program within
the City.
Commissioner Faust introduced the following resolution and moved its adoption:
RESOLUTION AUTHORIZING PARTICIPATION
IN THE MINNESOTA HOUSING FINANCE AGENCY HOME
IMPROVEMENT LOAN PROGRAM THROUGH THE
HENNEPIN COUNTY HOUSING AND REDEVELOPMENT AUTHORITY
WHEREAS, the Hennepin County Housing and Redevelopment Authority (HCHRA) •
is an approved lender for the Minnesota Housing Finance Agency (MHFA) Home
Improvement Loan Programs, and
WHEREAS, eligible homeowners may apply and receive home improvement loans
under the MHFA Home Improvement Loan Programs through the HCHRA, and
WHEREAS, the Housing and Redevelopment Authority for the City of Edina would
like to access these housing resources to meet the needs of its citizens.
BE IT RESOLVED that in accordance with the MSA 383B.77, Subdivision 2, the
Housing and Redevelopment Authority in and for the City of Edina requests the
Hennepin County Housing and Redevelopment Authority administerthe MHFA Home
Improvement Loan Programs in the City of Edina. Commissioner Hovland seconded
the motion.
Rollcall:
Ayes: Faust, Hovland, Maetzold, Smith
Resolution approved.
RESOLUTION APPROVED AUTHORIZING PARTICIPATION IN THE 1997 MHFA
MINNESOTA CITY PARTICIPATION PROGRAM Commissioner Hovland introduced the
following resolution and moved its approval:
RESOLUTION AUTHORIZING PARTICIPATION
IN MINNESOTA HOUSING FINANCE AGENCY (MHFA) MINNESOTA CITY
PARTICIPATION PROGRAM THROUGH •
THE HENNEPIN COUNTY HOUSING AND
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REDEVELOPMENT AUTHORITY
WHEREAS, on January 3, 1997, the Minnesota Housing Finance Agency (MHFA)
issued a request for proposals for the 1997 Minnesota City Participation Program
(MCPP), and
WHEREAS, through the MCPP, MHFA sells mortgage revenue bonds on behalf of
cities to meet locally identified housing needs for low and moderate income first-
time homebuyers, and
WHEREAS, the Housing and Redevelopment Authority (HRA) in and for the City of
Edina would like access to these housing resources to meet the needs of its
citizens, and
WHEREAS, county housing and redevelopment authorities are eligible applicants
for MCPP funds,
BE IT RESOLVED that in accordance with MSA 383B.77, Subdivision 2, the HRA in
and for the City of Edina requests the Hennepin County.Housing and Redevelopment
Authority include the City of Edina in an application for MCPP funds to the MHFA.
Commissioner-Maetzold seconded the motion.
Rollcall:
Ayes: Faust, Hovland, Maetzold, Smith
Resolution approved.
CLAIMS PAID Commissioner Maetzold made a motion to approve payment of the
• HRA Claims as shown in detail on the Check Register dated February 26, 1997, and
consisting of one page totaling $19,166.67. Commissioner Hovland seconded the
motion.
Rollcall:
Ayes: Faust, Hovland, Maetzold, Smith
Motion carried.
There being no further business on the HRA Agenda, Chairman Smith declared the
meeting adjourned.
Execu rector
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