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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 on <br />Monday, the 23rd day of February, 1998, at p.m. <br />Goedeke, Mastel, Wiski, <br />None <br />Mastel <br />RESOLUTION AUTHORIZING THE FILING OF AN APPLICATION UNDER THE <br />MINNESOTA CITIES PARTICIPATION PROGRAM TO FUND A LOAN PROGRAM <br />FOR FIRST-TIME HOME BUYERS IN THE CITY OF ROSEVILLE <br />WHEREAS, the Minnesota Housing Finance Agency sells mortgage revenue bonds on <br />below market interest rate home mortgage loans for low and moderate income first-time home <br />buyers called the Minnesota Cities Participation Program (MCPP); and <br />WHEREAS, the MCPP provides cities throughout the state with a unique opportunity to <br />WHEREAS, the City of Roseville is submitting an application to receive its allocation of <br />MCPP funds as a percentage of the housing pool compared to the total population of all <br />applications received for the MCPP funds; and <br />WHEREAS, MCPP funds are set aside for each applying community for exclusive use in <br />their community for six months; and <br />WHEREAS, under the MCPP cities also have access to 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 Community Development Department to make application to the Minnesota Housing Finance <br />Agency for the Minnesota Cities Participation Program for 1998. <br />motion for the adoption of the foregoing resolution was duly seconded by Council <br />??? <br />and upon vote being taken thereon, the following voted in favor: <br />Member <br />