Laserfiche WebLink
RELEVANT LINKS: <br /> A city may issue bonds or other obligations to provide an amount equal to <br /> the sum of the abatements granted for a specific property. The maximum <br /> principal amount of these bonds may not exceed the estimated sum of the <br /> abatements for the property for the years authorized. The bonds may be <br /> general obligations of the city if the city council chooses to pledge the full <br /> faith and credit of the city in the resolution issuing the bonds. The law <br /> limits property tax abatements to 15 years. School districts and counties <br /> have similar abatement powers. A city, county, and school district can <br /> agree to abate their taxes on the same property. <br /> IV. State-sponsored development tools <br /> A. Minnesota Housing Finance Agency <br /> Minn.stat.ch.462A. For The goals of the Minnesota Housing Finance Agency (MHFA) are to <br /> more information about <br /> MHFA programs,contact provide decent, affordable housing to low- and moderate-income people; <br /> MHFA at 400 Sibley street preserve the existing housing stock in Minnesota; preserve existing <br /> Suite 300,St.Paul,MN <br /> 55101-1998(651)296-7608 neighborhoods and prevent them from deteriorating; and prevent mortgage <br /> or(800)657-3769. foreclosures while promoting energy conservation in residential housing. <br /> The Minnesota Legislature created the MHFA in response to a shortage of <br /> affordable housing for low- and moderate-income people. Private <br /> enterprise and private investment were unable, without public assistance, <br /> to provide an adequate supply of safe, sanitary, and decent housing at <br /> affordable prices and rents. <br /> Minn.stat.§462A.073 et The sale of state tax-exempt bonds is the primary financing for MFHA <br /> seq. <br /> MHFA:Minnesota city programs. Through the Minnesota City Participation Program, Minnesota <br /> Participation Program. Housing sells mortgage revenue bonds on behalf of cities to meet locally <br /> identified housing needs. The proceeds of these bonds provide below- <br /> market interest rate home mortgage loans for low- and moderate-income, <br /> first-time homebuyers, or for the construction or rehabilitation of single- <br /> and multi-family housing. Appropriations from the Legislature provide <br /> additional funding for programs, including the promotion of energy <br /> conservation; an increase in home ownership opportunities for first time <br /> homebuyers; home improvement grants to very low-income homeowners; <br /> and programs to improve the housing available to Native Americans, large <br /> families, and people with disabilities. <br /> B. Department of Employment and Economic <br /> Development (DEED) <br /> Minn.stat.ch.116J. The Minnesota Department of Employment and Economic Development is <br /> Minnesota Department of <br /> Employment and Economic the primary development agency for Minnesota. <br /> Development. <br /> League of Minnesota Cities Handbook for Minnesota Cities 11/4/2014 <br /> Community Development and Redevelopment Chapter 15 1 Page 20 <br />