HomeMy WebLinkAboutResolution - 91-121 - MHFA First Time Homebuyers Program - 05/21/1991 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
RESOLUTION #91-121
A RESOLUTION AUTHORIZING THE CITY OF EDEN PRAIRIE'S
PARTICIPATION IN THE MINNESOTA HOUSING FINANCE AGENCY'S (MHFA) MMgNESOTA
CITIES PARTICIPATION PROGRAM (MCPP)
WHEREAS, The City of Eden Prairie is eligible to participate in the Minnesota Housing Finance
Agency's QvIHFA)Minnesota Cities Participation Program(MCPP)for the purpose of assisting firsttime home
buyers in purchasing homes in Eden Prairie.
WHEREAS, By participating in the MCPP the City will allow MHFA to access the City of Eden
Prairie's local government bond authority to sell bonds on behalf of the City Eden Prairie.
WHEREAS,The proceeds from MHFA's sale of mortgage revenue bonds will be used to provide below
market financing to low and moderate income first time'home buyers.
WHEREAS,MHFA will incur bond issuance expenses that would have normally been incurred by cities
selling their own bonds.
WHEREAS, The City's total bond allotment will be $664,297.
WHEREAS, First Bank of Eden Prairie will originate the mortgage loans and will enter into contract
with MHFA as to loan origination requirements.
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY
OF EDEN PRAIRIE, that the City of Eden Prairie will participate in the Minnesota Housing Finance Agency's
Minnesota Cities Participation Program and authorizes the City Manager to execute the MHFA Mortgage
Revenue Bond Allotment Agreement and Program Application-Commitment Agreement.
ADOPTED by the City Council of the City of Eden Prairie this 21st day of May, 1991.
Douglas 1.-Tenpas, May r
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