HomeMy WebLinkAboutResolution - 96-40 - MFHA First Time Buyer Program 1996 Mn Cities Participation - 03/12/1996 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY,MINNESOTA
RESOLUTION# 9 6 - 4 O -
A RESOLUTION AUTHORIZING THE CITY OF EDEN PRAIRIE'S PARTICIPATION IN
THE MINNESOTA HOUSING FINANCE AGENCY'S (M11FA)MINNESOTA CITIES
PARTICIPATION PROGRAM (MCPP)
WHEREAS,The City of Eden Prairie is eligible to participate in the Minnesota Housing Finance
Agency's Qv1HFA)Minnesota Cities Participation Program(MCPP)for the purpose of assisting first time
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 of 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 allocation is $966,653.
WHEREAS, The City will submit a proposal deposit of $9666.53, which is 1% of the total
allocation and is refunded to the City when bonds are sold by MHFA.
WHEREAS, A fee charged to the City by MHFA for participating in the MCPP will be$20 for
every $100,000 allocated to Eden Prairie, or$200.
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 MHFA's Minnesota Cities
Participation Program and Authorizes the City Manager to execute the MHFA Mortgage Revenue
Allotment Agreement and Program Application-Commitment Agreement.
ADOPTED by the City Council of the City of Ed;Jean
this 12thVdMarch 1996.
. Harris,Mayor
ATTEST:
J D.Frane, City Clerk