11-13-2001 Council Packet - Laserfiche WebLink

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NOV 1 ^ 200t REQUEST FOR COUNCIL ACTION ^ DATE: November 7.2001 ITEM NO: ^ DcpartMCBt Approval: Naac RonMoone Titk City Administrator Admiabtrator Reviewed:Apeada Scctkia: City Administrator's Rqwrt Ileal DescriplioB: Fundiiig for Navarre Home Ouitership Program The City has received funding from CDBG. MHFA, and the Melropolilon Council Livable Communities program to moke four of the townhouse units in the l^c Minnetonka Woods development in Navarre affordable to households with incomes of less than 80% of the metro area’s median income. The funding is being used both to provide down payment assistance and to buy down the mortgage. The first two units involve down payment assistance grants of S4,500 and $4,800. and deferred loans of $20,500 and $20,200. Per the terms of the funding received by the City, the City is providing the up front funding and is then rcimb^irscd with the grant funds. The up front funding is provided by a temporary transfer of $50,000 from the General Fund to the Affordable I lousing Grant/Loan Fund. As the transfer is a temporary loan, no budget adjustments ore required. COUNCIL ACTION REQUESTED: Motion to approve funding in the amount of $50,000 to assist two eligible households in nurchasing townhomc units in the Lake Minnetonka Woods development, such funding to be a temporary loan from the General Fund to the Affordable Housing Grant/l.oan Revenue Fund and to be repaid through grants to the City. yiL 1