1994-50878
HRA RESOLUTION NO. 508
THE HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF RICHFIELD, MINNESOTA
RESOLUTION AUTHORIZING MODIFICATION TO
THE RICHFIELD REHABILITATION DEFERRED LOAN PROGRAM
WHEREAS, the Richfield Housing and Redevelopment Authority
provides a Rehabilitation Deferred Loan Program which utilizes
CDBG funds to assist lower income homeowners with rehabilitation
of their homes; and
WHEREAS, the Program Procedural Guides were approved by the
HRA in 1988 and are modified periodically as program requirements
and needs dictate; and
WHEREAS, Hennepin County and Richfield staff have identified
modifications to the Program Procedural Guides; and
WHEREAS,
follows:
1. Increase
2. Provide
3. Increase
from 50~r
the HRA has reviewed these modifications as
maximum loan amount to $15,000 from $10,000.
up to $20,000 for accessibility improvements.
the income limit for accessibility improvements
to 80~ of median.
4. Modify the method of calculating interest rates charged to
homeowners if the future loan repayment is unreasonably
delayed.
5. Drop reference in the Guide to the HUD Section 312 program,
which has been discontinued.
NOW, 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.
Adopted by the Housing and Redevel nt Authorit in and
for the City of Richfield, Minnesota i 18th day of April 1994.
omas E. Harms, Chairperson
ATT T:
~.
Vern Luettinge ecretary