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REQUEST FOR HRA ACTION <br />DATE: March 7, 1997 <br />ITEM NO.: <br />Department Approval: <br />Name Ron Moorse <br />Title City Administrator <br />Administrator Reviewed:Agenda Section: <br />City Administrator's <br />Report <br />Item Description: f <br />Resolution to Access Pelow Market Interest Rate Mortgage Loans for First Time Home Buyers <br />Attachments: 1. Letter from the Hennepin County HRA Regarding a Program that Provides <br />Below Market Interert Rate Mortgage Loans for Low and Moderate Income <br />First Time Home Buyers <br />2. Resolution Requesting the Hennepin County HRA to Include the City of Orono <br />in an Application for the Below Market Interest Rate Mortgage Funds to the <br />Minnesota Housing Finance Agency <br />The Hennepin County HRA is submitting an application for below market interest rate mortgage <br />loans for low and moderate income first time home buyers on behalf of all cities interested in the <br />program. The amount of mortgage funds made available to the Hennepin County HRA is <br />dependent upon the number of cities that participate. A city's participation in the first time home <br />buyer mortgage application will be viewed as an effort to advance affordable housing, regardless <br />if the mortgages are utilized within the specific city's borders. This will assist cities in the <br />implementation of the Livable Communities Act. <br />The city's participation requires the adoption of a resolution requesting the Hennepin County HRA <br />to include the city in its application. <br />COUNCIL ACTION REQUESTED: <br />Motion to adopt a resolution requesting the Hennepin County HRA to include the city of Orono <br />in its application for below market interest rate mortgage loan funds through the Minnesota <br />Housing Finance Agency's Minnesota Cities Participation Program. <br />1 <br />1 <br />1