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3.0 Proposed Bid a Loan: <br /> Each city can add enhancements to the MPCC to meet specific housing needs. To <br /> address deteriorating older homes in Roseville, staff is recommending that a bridge loan <br /> be provided to buyers for necessary repairs of a home prior to closing. Dace the repairs <br /> have been made: the bridge loan could be added to the NI PP lean or carried by the city <br /> as a low interest, deferred second mortgage. The City will work with participating lenders <br /> in Roseville on these transactions and any bridge loan will come from the Housing Fund. <br /> Staff will bring back guidelines for the bridge loans to renovate existing homes in March. <br /> 4.o Staff Recom endatfon <br /> The staff recommends approval to submit for the Minnesota Cities Participation Program <br /> from the Minnesota Housing Finance Agency per the attached application. <br /> 5.0 SyMested Acton <br /> B Y resolution: authorize the filing of an application under the Minnesota Cities Participation <br /> Program to fund a loan program for first-time hone buyers 'in the City of Roseville. <br /> Attachments: M PP Application, RFP requirements, M PP Guidelines, Resolution <br /> Prepared by: Cathy Bennett,490-2241 <br /> QAHousing\MCPP App mvsl.doc <br /> RCA—M PP 02/23/98- Page 3 of 3 <br />