1995-569139
HRA RESOLUTION N0.569
RESOLUTION APPROVING 1996 HOUSING AND REDEVELOPMENT AUTHORITY
BUDGET AND CERTII~1fING THE 1996 TAX LEVY
BE IT RESOLVED by the Housing and Redevelopment Authority of the City of
Richfield, Minnesota as follows:
Section 1. The budget for the Housing and Redevelopment Authority
General Fund of Richfield for the year 1996 in the amount of
$459,850 is hereby ratified.
Section 2. The estimated gross revenue of the Housing and Redevelopment
Authority General Fund of Richfield from all sources, including
general ad valorem tax levies as hereinafter set forth for the year
1996, and as the same are more fully detailed in the Executive
Director's official copy of the budget for the year 1996, in the
amount of $434,030 are hereby approved.
Section 3. There is hereby levied upop all taxable property in the City of
Richfield an ad valorem tax in 1995, payable in 1996 for the
following purposes:
Housing and Redevelopment Authority $149,800
Relocation Information Services and
Assistance $ 14,950
Section 4. A certified copy of this resolution shall be transmitted to the County
Auditor.
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 20th day of November, 1995.
Thomas E. Harms, Chair
ATTEST:
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Resolution No. 566 ATTACHMENT A
7021 NICOLLET
NEW HOME PROGRAM
ELIGIBILITY REQUIREMENTS
FOR
HOME BUYERS
• Have a 3 to 6 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 years).
• Have the following maximum annual income depending upon family size:
Familv Size Maximum Income
3 $36,200
4 $40,200
5 ~ $43,400
6 $46,600
This income is 80°~ of the metropolitan area median income - an
accepted CDBG program income level.
• Have the ability to make monthly payments on a $85,500 mortgage, pay $4,500
down, and pay closing costs required of the buyer.
• Agree to be subject to a lien by the HRA for the difference between the initial sales
price and the actual value.
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