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r <br />2. <br />3. <br />4. <br />The City will apply for $87,500 in CDBG finding in 1999 to cover one half of the costs for <br />rehabilitating the properties identified as having one or more major structural deficiencies. <br />The remaining $87,500 of the anticipated cost would be funded through MI IFA loans once <br />again. <br />CDBG funds are necessary as many, if not most residents owning homes in need of <br />rehabilitation cannot afford sufficient repairs. Without the CDBG funds, the general trend <br />of deterioration would likely continue. By using CDBG funds in conjunction with MHFA <br />loans, home, wners will be enabled to undertake repairs to improve the safety and livability <br />of their homes. Without the requested amount of CDBG funding, such necessary repairs <br />could not be made. <br />The two primar>’ funding sources considered for this project are CDBG and MHFA. The <br />amount requested in CDBG funding for 1998 is $107,500. This covers one half of the <br />anticipated costs in rehabilitating houses in most urgent need of repair. The other $107,500 <br />needed to make the required $215,000 in rehabilitation will be requested in MHFA funding <br />to provide low interest loans to homeowners. Once the amount of CDBG funding the City <br />has been awarded is determined, Hennepin County has indicated it will assist the City in <br />acquiring a matching amount of MHFA funding. <br />The same funding sources will be considered in 1999 to rehabilitate residences exhibiting <br />one or more major structural deficiencies. Of the $175,000 needed, half will be requested <br />in CDBG funding and half will be requested in MHFA funding. <br />Table 3 on the following page contains the appro.ximate time schedule for implementing the <br />components of the project. <br />!