Agenda - Council - 12/14/2010 - Laserfiche WebLink

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a) Minnesota Housing Fix -Up Loan Program - low interest rate loans to qualifying homeowners. The Fix -Up Fund was established to improve the basic livability and /or energy efficiency of the borrower's home b) Home Rehab Loan Program — Up to $15,000 in zero interest deferred payment and interest loan funds provided by Anoka County Community Development Block Grant for necessary home improvements. The program is available for low - income households and is administered by the Housing Resource Center North Metro at 651 -481 -7401. 2. Homebuyer Programs: a. First Time Homebuyer Low Interest Loan Program — administered by the County and Financed by Minnesota Housing. Low interest first mortgages provided to first time homebuyers within Anoka County. b. Down Payment Assistance — Administered by ACCAP, the program is designed to help first time homebuyers purchase homes more affordably by providing deferred loans that can be used for down payment assistance. Eligible buyers may qualify for up to $5,000 with 0% interest to bring their monthly housing costs down to 30% of income. The principle only mortgage must be repaid when the property is sold. c. Family Assets for Independence in Minnesota (FAIM H) — Administered through ACCAP for Anoka County residents the program enables persons with a low -wage job to build assets through long -term savings. Each participant commits to 12 hours of financial management educational workshops. Participants deposit a portion of their income into a Family Asset Account that generates a 3:1 match in this program. Up to $120 a month is the maximum match amount for an eligible FAIM participant if they deposit up to $40.00 into their account. The account can be used only to buy a home, higher education expenses, or to begin a small business. d. Habitat for Humanity - Habitat for Humanity fonns a partnership with families that need and want decent housing and are willing to build or renovate housing. Habitat is a national model for increasing affordable home ownership through a series of financing and educational methods and has been implemented with success in the City of Ramsey. e. Community Land Trust - A community land trust model of financing provides affordable housing on a long -term basis. The homeowner owns the house but the community land trust owns the land underneath the house and provides the homeowner with a 99 -year, renewable ground lease. A resale clause helps to ensure affordability of the unit for the long term. The initial subsidy in the project can then be retained and applied to subsequent buyers, while also rewarding homeowners with equity and a portion of the market value increase, allowing them to eventually move into market rate housing. This method has been implemented successfully within many counties throughout the metropolitan area. Currently there are no available land trust entities within Anoka County. However, the Ramsey HRA may find this method desirable to meet their affordable housing goals and could encourage Anoka