Agenda - Council - 11/27/1984 - Laserfiche WebLink

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I I I I I I I I I I I I I MINNESOTA HOUSING FINANCE AGENCY Local Participation Home Improvement Loans - 1985 Program Summary Funds Available: $1,000,000 Eligible Comunities: Cities with populations over 5,000 Application Deadline: November 30, 1984, 4:30 p.m. Interest Rates: Funds will be provided to participating communities at an interest rate of 11~% Commitment Term: January 1, 1985 to December 31, 1985 Commitment Fees: Con~nunities must pay a commitment fee equal to 3% of the commit- ment ambunt. The commitment fee is refunded proportionally as loans are submitted to MHFA for purchase. The commitment fee may be paid by the originating lender. Program Variations: Communities may propose any of the following variations to current MHFA Home Improve- ment guidelines: Income limits may be set at a level higher than the current $24,000 limit. However, the local income limit may not exceed the lesser of 125% of median income, as established by HUD, for the county in which the community is located, or $32,800, unless 125% of median income is less than $24,000, in which case $24,000 is the limit. 2. Interest rates on the loans may be subsidized with local funds. 3. The community may require energy audits or code inspections as a condition of receiving a loan. 4. Thy use of funds may be targeted to certain geographical areas. ~ubmissioni Material s: The following items must be submitted by communities requesting a commitment of funds: 1. A ~escrip.tion of the proposed program. 2. A description of all program variations, as outlined above, which will be employed by the community. 3. An analysis of the need for the proposed program in the community. A demonstration of the financial feasibility of the program. (e.g., if interest rates will be subsidized, what is the source of (unds which will be used) (Over)