Agenda - Council - 04/24/1984 - Laserfiche WebLink

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! i I I I I ' ! I Energy Standards Issues - Should the Fund encourage or mandate the production of "super energy efficient" housing regardless of additional per unit costs? If existing homes are purchased through a "roll-over" program should these units be required to meet strict energy standards? In St. Paul all single-family homes built under McKntght were "super- efficient." The additional cost was as much as $5000 per unit but every 40 cents invested is expected to save $1.00 in energy costs. Options 1. Require all new units to be "super energy efficient." 2. Require only detached units to be "super energy efficient." 3. Apply MHFA°s energy efficiency standards in all cases. 4. If existing homes are purchasd through the fund, prescribe a particular time frame in which certain energy standards must be achieved. Leave energy concerns to the direction of each individual program or buyer. Recommendation The energy efficiency standards for new construction ownership units, mul ti fami ly rental housing and existing single family units developed and/or purchased through the Housing Fund will be those employed by MHFA. I I m I m Mortgage Assumpti OhS Issues - Should other households which meet program guidelines be able to assume mortgages of other program participants within a certain number of years of the date of the mortgage? FHA and VA loans require all mortgages be assumable. The Mortgage Subsidy Bond Tax Act which regulates mortgage revenue bonds does not preclude assumability, but makes it more difficult to permit because of first-time buyer restrictions and purchase price limits. Options 1. Do not permit any mortgages through the Fund to be assumable. 2. Permit assumability of home mortgages made through the Fund. Recon~nendati on Home ownership programs of the Fund should permit mortgage assumability unless otherwise precluded by restrictions that govern a particular pool of home loan funds.