1988-32486
HRA RESOLUTION N0. 324
RESOLUTION AUTHORIZING MODIFICATIONS TO
THE RICHFIELD REHABILITATION DEFERRED LOAN PROGRAM
MHEREAS, the Richfield Housing and Redevelopment Authority
provides a Rehabilitation Deferred Loan Program which utilizes
CDBG funds to assist lower income homeowners with rehabilitating
their homes; and
MHEREAS, the program procedural guides were approved by the
HRA in 1984 and are modified periodically as program requirements
and needs dictate; and
MHEREAS, Hennepin County and Richfield staff have identified
modifications to the program Procedural Guides; and
MHEREAS, the HRA has reviewed these modifications as
follows:
1. Increase maximum loan amount to $10,000 from $8,250
2. Provide up to $5,000 rather than $2,500 for accessibility
improvements.
3. Modify maximum asset limit to $35,000 given special
circumstances.
4. Require use of Sworn Construction Statement by contractors.
5. Establish partial contract payment procedures.
6. Establish procedures for recovering liens in bankruptcy
cases and foreclosures.
7. Establish procedure to deal with post construction problems.
8. Reduce number of bids required.
NOM, THEREFORE, BE IT RESOLVED by the Housing and
Redevelopment Authority in and for the City of Richfield,
Minnesota, that the Executive Director is authorized to modify
Richfield Rehabilitation Deferred Loan Program Procedural
Guidelines as described herein.
Passed by the Housing and Redevelo~lnent Authorit of
Richfield, Minnesota this 29th day o,,. (gust, 198.
0
omas E. Harms, Cha rperson
ATTEST:
an Helm erger, Secr ary