1995-546116
RESOLUTION N0.546
THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF
RICHFIELD, MINNESOTA
RESOLUTION AUTHORIZING SALE OF REAL PROPERTY LOCATED AT 6318
NICOLLET AVENUE SOUTH
WHEREAS, the Housing and Redevelopment Authority (HRA), owns certain real
property located at 6318 Nicollet Avenue, legally described as: Lot 4, Block 8, Nicollet
Homes Addition; and
WHEREAS, the HRA acquired the property so that the South Hennepin Technical
College (Vo-Tech) could rehabilitate the family home at 6318 Nicollet Avenue, to be sold by
the HRA to a moderate income family; and
WHEREAS, construction work is completed; and
WHEREAS, the tenant has moved out and the property has been prepared for sale;
and
WHEREAS, the Ruud family has been identified as qualified purchasers for 6318
Nicollet Avenue, and
WHEREAS, the conditions of sale include a total sales price of $80,000, a first
mortgage of $76,000 payable to the lender and a $4,000 down payment; and
WHEREAS, the sale of 6318 Nicollet Avenue may be authorized by the HRA following
a public hearing which considers the disposition of the property; and
WHEREAS, that hearing has been held following proper publication of notice.
NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment
Authority in and for the City of Richfield, Minnesota that the HRA Chairperson and Executive
Director are authorized to execute the purchase agreement and other required documents so
that the disposition of HRA owned property at 6318 Nicollet Avenue occurs as presented
herein.
Passed by the Housing and Redevelopment A ty in and for the 'ty of Richfield,
Minnesota this 22nd day of May, 1995 ~''
Thomas E. Harms, Chairperson
ATTEST:
e~ ~ ~
~~~
Vern Luettinger, Secrets
HRA Resolution 546 ATTACHMENT A
NEW HOME PROGRAM
ELIGIBILITY REQUIREMENTS
FOR
HOME BUYERS
- Have a 2-4 member family (a family is defined as persons related by blood, marriage or
operation of law).
- Be a first time home buyer (or have not owned in 3 yeazs).
- Have the following maximum annual income depending upon family size:
Family Size Maximum Income
2 $ $32,150
3 $ $35,900
4 $ $39,900
The income is 80% of the metropolitan azea median income, an accepted CDBG
program income level.
- Have the ability to make monthly payments on a mortgage, pay the required downs
payment, and pay buyer-required closing costs.
- Agree to be subject to a lien by the HRA for the difference between the initial sales
prices (the first mortgage plus down payment) and the actual value.