1998_0223_packet - Laserfiche WebLink

Home

5. The city must have negotiated affordable and life cycle housing goals with the Metropolitan Council. (For self issuers, please rote: If your city is located Ire the seven county Twin Cities metropolitan area, the above new construction restrictions do not apply to loans closed ten months after your program start date). a In the balance of the state, new homes may be financed immediately only if the city includes in its proposal: 1. steps the city will take to encourage loans for existing housing. 2. An explanation as to why new housing is needed. Statewide, cities may not provide set-aside or commitments for the exclusive use of builders or developers except for housing affordability initiatives as specified in Attachment 1. offers participating MCPP cities access to MHFA's Homeownership MHFA p p g Assistance Fund (HAF), an Interest-free, graduated payment second mortgage loan. HAF p rovi des lower income first-time hom a buye rs with down paym ent and closing cost ass itance. w r r 0 Horne mortgage loans are to be originated by participating lenders and bought by MHFA in accordance with the MHFA Mortgage Program Procedural Manual. • if a city will use additional resources or subsidies in conjunction with the MCPP, a layer of guidelines may be added as required by the y source of the subsidy. INDIVIDUAL CITIES ARE RESPONSIBLE FOR THE DEFINITION AND ENFORCEMENT OF THESE ADDED GUIDELINES. The Minnesota Department of Finance will charge a processing fee of o for each $100,000 allotment provided. For cities participating in the MCPP, this is due with the executed MCPP contract returned by each city before the bonds are sold. DO NOT SEND A CHECK BACK WITH YOUR COMPLETED RFP; WE WILL NOTIFY YOU WHEN To FORWARD YOUR FEE. Once cities have selected and identified participating lenders in the M PP application, no additional leaders may be added for the balance of the program term. MHFA will p rovide marketing support in the form of brochures, press releases and a shared marketing cost program. If preferred, cities can withdraw completely from MHFA's marketing support in order r ■ choosing this option would ��+ to develop their own marketing program. Cities cho g ►�IO p responsible for developing: producing, and distributing their own marketing materials P ' • through illlHFA's shared and press releases. These cites rimy still access funds g marketing program.