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LOCAL HOUSING BOND PLAN REVIEW PROCEDURES <br /> <br />To Govern Council Review of Local Housing Bond Plans Submitted to the <br /> Metropolitan Council <br /> <br />1. SCOPE AND AUTHORITY. <br /> <br />Laws of Minnesota, 1979, Chapter 306, codified as Minnesota Statutes <br />Chapter 462C, requires municipalities which prepare a local housing <br />bond plan to set forth in the housing bond plan the need for and a <br />description of single family and multi-family housing developments to <br />be financed by the sale of tax exempt mortgage bonds. Section 4 <br />requires a municipality to submit its housing bond plan and amendments <br />thereto to the Metropolitan Council for review and comment. These <br />review procedures describe how the Council will review and comment on <br />local housing bond plans and plan amendments. <br /> <br />2. DEFINITIONS <br /> <br />When used in these procedures, the terms defined in Chapter 306 <br />shall have the meaning specified therein. For the purposes of these <br />procedures, the following terms shall have the following meanings: <br /> <br />The "Act" means Laws of Minnesota 1979, Chapter 306, <br />codified as Minn. Stat. Chapter 462C. <br /> <br />"Applicant" means the municipality proposing a housing bond <br />plan. <br /> <br />C. The "Council" means the Metropolitan Council. <br /> <br />"Housing Policies" means the housing policies adopted by the <br />Council in its Metropolitan Development Guide. <br /> <br />"Plan" refers to the housing bond plan that municipalities <br />must adopt pursuant to the Act. <br /> <br />3. TIME FOR REVIEW <br /> <br />An applicant shall su~mit the plan .for Council review and <br />comment pursuant to the Act prior to submitting the plan to <br />the Minnesota Housing Finance Agency (MHFA) for review and <br />approval so the Council may provide its comments to both <br />the applicant and the MHFA. <br /> <br />Upon receipt of a plan, the Council shall make a <br />preliminary review of the plan to determine-whether <br />information required by the Act has been included in the <br />plan. The Council shall notify the applicant promptly if <br />all required information has not been included. A plan <br />shall be deemed to be submitted to the Council when the <br />Council determines that all required information has been <br />furnished in the plan. Upon determining that the applicant <br /> -2-- <br /> <br /> <br />