06-26-1995 Council Packet - Laserfiche WebLink

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• Customized job training grants of $300,000 to the Sl Paul Port Authority and $200,000 to the Minneapolis Community Dcvclcpmcnt Agency. • Two million for the continuation of the Community Resources Program (CRP) in Minneapolis. St Paul and Duluth. Department of Economic Security: Budget The department ’s total budget if $99.6 million. Of the total, the following appropriations are identified: • Approximately $935,000 each year of the biennium for transitional housing operations. • Three million for 1995, for summer youth emplo>Tnent programs. Minnesota Housing Rnance Agency (MHFA): Budget The agency’s budget is $47.5 million for the biennium. The budget is $13.5 million above the current biennial budget The agency’s budget for each year is $30.1 miUion for F.Y. 1996 and $17.4 million for F.Y. 1997. The major components of the budget are: (1) An Additional $6 Million for the Affordable Rental Investment Fund. The current biennial appr jpriation approximates $7 million. The appropriation includes language that directs the agency to work with public and private agencies in the McKnight Foundation regional to establish priority uses for the funds. In addition to the regional priorities, the agency must give preference to economically viable projects in which local governments, en^loyers and the private sector contribute financial assistance. (2) Develop Priorities for Fund Usage. In the metro area, the agency shall collaborate with the Met Council to develop priorities for us of the funds. The Legislamre also directed that the MHFA shall give preference to economically viable projects that: Include local financial contributions; Consider the availability of public transportation; Take into account job training efforts in the community; About $5.8 million for the Community RehabUitation Program (CRP). Of the CRP appropriation, $250,000 must be used each year for full-cycle home ownership and purchase-rehabilitation lending initiatives. Twenty percent of the CRP must be made available for use in low income neighboriioods of Minneapolis and St. Paul for the home ownership programs. Approximately $30 million in revenue bond proceeds are available and originate from a pre-1981 bond. For example, the proceeds can be made available for non-first time buyers and income and purchase price limits are not subject to current federal guidelines. The Legislature required the agency to give priority for use of the proceeds to cities that receive a CRP grant 1995 Policy Narrative