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CASE # <br />TITLE: HABITAT FOR HUMANITY REQUEST FOR LETTER OF <br />ENDORSEMENT RELATING TO APPLICATION FOR MINNESQTA <br />HOUSING AND FINANCE ASSOCIATION (MHFA) FUNDING <br />BY: Sylvia Frolik/Executive Director <br />INTRODUCTION: <br />Twin Cities Habitat For Humanity is proposing to submit an application to MHFA for $160,000 <br />in Community Reinvestment Fund (CRV) assistance for the 2008 phase of the townhomes being <br />constructed in Town Center Gardens 3rd Addition. Community endorsement is a must for the <br />proposal submittal. <br />DISCUSSION POINTS: <br />CRV is the Community Reinvestment Fund and it is the primary tool that the MHFA uses for <br />accessing the Legislature-appropriated Challenge Fund.. The CRV is split into rental -and <br />homeownership applications with two application periods each year. The funds are distributed in <br />the form of grants and loans with the grants being hardest to get but most desirable. The <br />$160,000 number is based on $20,000 per unit for eight units. <br />This is a great opportunity to utilize State funds and invest them in Ramsey without having any <br />required match or cash contribution from the City. <br />ATTACHMENTS: <br />• Draft letter to MHFA <br />STAFF RECOMMENDATION: <br />Authorize HRA Chair Mary Jo Olson to sign the letter on behalf of the HRA. <br />BOARD ACTION: <br />Motion to authorize Chairperson Olson to issue a letter to MHFA endorsing the Habitat for <br />Humanity project in Town Center Gardens 3rd Addition. <br />REVIEWED BY: <br />Interim City Administrator <br />Associate Planner <br />HRA: 07/10/07 <br />11 <br />