HomeMy WebLinkAboutResolution - 98-30 - MHFA First Time Buyer Program - 02/17/1998 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
RESOLUTION# 98-30
A RESOLUTION AUTHORIZING THE CITY OF EDEN PRAIRIE'S PARTICIPATION IN THE
MINNESOTA HOUSING FINANCE AGENCY'S (MHFA) MINNESOTA CITIES PARTICIPATION
PROGRAM (MCPP)
WHEREAS, The City of Eden Prairie is eligible to participate in-the Minnesota Housing Finance
Agency's (MHFA) 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 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 expected allocation is $850,000, which requires the City to submit a
deposit of $8,500, 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 $170.
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 (MCPP) and authorizes the City Manager to execute the MHFA Mortgage Revenue Allotment
Agreement and Program Application-Commitment Agreement; and,
BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF EDEN PRAIRIE, that the
City of Eden Prairie elects to not have the Hennepin County HRA administer the Minnesota Cities
Participation Program on its behalf.ADOPTED by the City Council of the City of Eden Prairie this 1!
lh day of& 1998.
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ATTEST:
J h D. FlrliKe, City Clerk