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EXTRACT OF MINUTES OF MEETING OF THE <br /> CITY COUNCIL OF THE CITY OF RO SEVILLE <br /> Pursuant to due call and notice thereof, a regular meeting of the City Council of the City <br /> of Roseville, County of Ramsey, Minnesota,was duly called and held at the City Hall on <br /> Monday,the 23rd day of February, 1 998, at 6:30 p.m. <br /> The following members were present: <br /> The following were absent: <br /> introduced the following resolution and moved its adoption: <br /> RESOLUTION NO. <br /> RESOLUTION AUTHORIZING THE FILING OF AN APPLICATION UNDER THE <br /> MINNESOTA CITEES PARTICIPATION PROGRAM TO FUND A LOAN PROGRAM <br /> FOR FIRST-TIME HOME BUYERS IN THE CITY OF ROSEVILLE <br /> WHEREAS,the Minnesota Mousing Finance Agency sells mortgage revenue bonds on <br /> behalf of cities to meet locally identified housing needs and the proceeds of these bonds provide <br /> below market interest rate hone mortgage loans for low and moderate income first-time hone <br /> buyers called the Minnesota Cities Participation Program(MCPP); and <br /> WHEREAS,the M PP provides cities throughout the state with a unique opportunity to <br /> easil y access housing resources to meet the needs of their citizens; and <br /> WIHEREAS,the City of Roseville is submitting an application to receive its allocation of <br /> M PP funds as a percentage of the housing pool compared to the total population of all <br /> applications received for the MPP funds; and <br /> WHEREAS, M PP funds are set aside for each applying community for exclusive use to <br /> their community for six months; and <br /> VIBEREA ,under the M PP cities also have access to IHFA's Homeownership <br /> Assistance Fund which is an interest-free, graduated payment second mortgage loan and <br /> downpayment and closing costs assistance for low-income first time home buyers. <br /> NOW THEREFORE BE IT RESOLVED THAT the City of Roseville hereby authorizes <br /> the Co nununi Development Department ment to make application to the Minnesota.Housing Finance <br /> p p <br /> Agency for the Minnesota Cities Participation Program for 1998. <br /> The notion for the adoption of the foregoing resolution was duly seconded by Council <br /> Member I and upon vote being taken thereon,the following voted in favor: <br />