1989-353115
HRA RESOLUTION NO. 3.53
RESOLUTION AUTHORIZING AMENDMENT TO RICHFIELD
DEFERRED LOAN REHABILITATION
PROCEDURAL GUIDES
WHEREAS, the Richfield Housing and Redevelopment Authority
has a Rehabilitation Deferred Loan program which utilizes CDBG
funds to assist lower income homeowners with rehabilitating their
homes; and
WHEREAS, loans are subject to a Repayment Agreement; and
WHEREAS, in some instances, program applicants are contract
for deed vendees; and
WHEREAS, in those instances, the fee owner (contract for
deed vendor) and the vendee must sign the Repayment Agreement to
facilitate a Deferred Loan; and
WHEREAS, contract for deed vendors may refuse to sign the
Repayment Agreement due to the risk of large amounts of debt
should the vendee default on the contract for deed; and
WHEREAS, an amendment to the Richfield Rehabilitation
Deferred Loan Procedural Guides has been developed which allows
Deferred Loan Repayment Agreements to be accepted without the
vendors signature given:
1. Defects or deficiencies exist in the property which
directly affects the safety and liability of the property.
2. The applicant has been notified by the City of housing
maintenance code violation; and
WHEREAS, written approval of the amendment from Hennepin
County is forthcoming.
NOW, THEREFORE, HE IT RESOLVED by the Housing and
Redevelopment authority in and for the City of Richfield,
Minnesota that the Executive Director is authorized to amend the
administrative procedures for the Richfield Rehabilitation
Deferred Loan Program as described herein.
Passed by the Housing and Redev ment Authorit of
Richfield, Minnesota this 17th day uly, 1989 ~ /~
homes E. Harms, Chairperson
ATTEST:
.~
Jean Helmberger, S cretary