Agenda - Council - 08/23/1983 - Laserfiche WebLink

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M NNESOTA HOUSING F" LA, C AG =NCY m : ,]ames ,1. Sol em ~ m From Executive Directo~ ~_ _~_ -- mRe: Local Participatioh~jn)MHFi~-~ome Improvement Loan Program ~ m Date: July 25, 1983 ,m m m m m m This letter announces a housing program opportunity. If there is an agency within your comnunity such as a housing and redevelopment authority or a community development agency which deals specifically with housing programs, please forward this information to that agency for consideration. This an- nouncement contains a deadline for response, so your immediate referral of the information is essential. The Minnesota Housing Finance Agency (MHFA) is a state agency which provides financing for housing for low and moderate income families. Its primary source of funding is capital raised through the sale of tax-exempt housing revenue bonds. In recent years, changes in federal law have made it more difficult and costly for both state agencies and local communities to sell housing revenue bonds. This same.law also limits the total volume of bonds which can be sold in each state during a calendar year. For this reason the MHFA Board of Directors has recently taken actions which allow the MHFA to work more closely with local communities in using tax exempt bond funds to meet unique local housing goals. These actions have resulted in the MHFA Local Participation program. m m m m When the Local Participation program is fully implemented, it will operate as follows. Early in each calendar year, MHFA will announce that it will accept proposals from communities that wish to have special con~nitments of MHFA Home Mortgage and/or Home Improvement funds. Applications will be accepted during a prescribed period of time. If more applications for com- mitments are received than can be financed with the available funds, applications to be funded will be selected based on criteria established by MHFA. MHFA recently sold bonds for its Home Improvement program and is interested in testing this Local Participation program on a small scale as a part of this current Home Improvement program. The enclosed program description explains the details for participation by your community in this program. m33 Sibley Street. St. Paul, Minnesota 55101 (612) 296-7608 Equal Opportunity Housing and Equal Opportunity Employment