1992-44616
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1
RESOLUTION NO. 446
RESOLUTION AUTHORIZING THE PROCESSING OF AN
APPLICATION TO SEC[JRE MORTGAGE REVENUE BOND
PROCEEDS FROM THE MINNESOTA HOUSING FINANCE AGENCY
WHEREAS, Richfield has an affordable single family housing
stock and supports home ownership programs, particularly those
which meet the needs of first time buyers; and
WHEREAS, the Minnesota Housing Finance Agency has a first
time buyer home mortgage program available to Richfield called
the City Participation Program; and
WHEREAS, Richfield has evaluated the program and has
prepared and submitted an application for providing up to
54,000,000 in mortgage revenue bond monies in Richfield to
finance the purchase of approximately 50 homes; and
WHEREAS, Richfield must identify a lender and has identified
Metropolitan Federal Mortgage Corporation to provide lender
originating services; and
WHEREAS, the Richfield HRA must consider the program and
authorize the processing of the application together with a
refundable deposit of 540,000.
NOW, THEREFORE, BE IT RESOLVED by the Richfield Housing and
Redevelopment Authority:
That the Chair and Executive Director are authorized to
proceed to process an application and take those actions
necessary to participate in the Minnesota Housing Finance Agency
City Participation Program including the deposit of funds.
Passed by the Housing and Redevelopment Authority in and for
the City of Richfield, Minnesota this 20 h day of April, 1992.
a
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Thomas E. Harms, Chairperson
ATTEST:
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J`an Helmberger, Sec etary