HomeMy WebLinkAbout1982-168 CCRMember Bill Hawes introduced the following resolution
and moved its adoption:
RESOLUTION NO. 82 -168
RESOLUTION APPROVING THE 1982 SINGLE FAMILY HOUSING BOND PROGRAM
WHEREAS, Minnesota Statutes Chapter 462C (the "Act authorizes the
City of Brooklyn Center (the "City to develop and administer programs of making
or purchasing mortgage loans to finance the acquisition of single family housing
units located anywhere within its boundaries for occupancy primarily by persons
of low and moderate income; and
WHEREAS, the City has prepared a 1982 Single Family Housing Bond
Program (the "Program and
WHEREAS, the City on July 21, 1980 adopted the Housing Plan (the "Plan
for the City; and
WHEREAS, the City submitted the Plan to the Metropolitan Council for
review; and
WHEREAS, the Metropolitan Council favorably reviewed the Plan; and
WHEREAS, the City will readopt the Plan in conformance with the provisions
of the Act, prior to the issuance of Bonds for the Program; and
WHEREAS, the City has determined that many would -be purchasers of single
family houses are unable to either afford mortgage credit at the market rate of
interest or obtain mortgage credit because the mortgage market is severely
restricted; and
WHEREAS, the City has considered (1) the availability and affordability
of other government housing programs; (2) the availability and affordability of
private market financing for the acquisition of existing and newly constructed
housing units; (3) an analysis of population trends; and (4) the recent housing
trends of the City and future housing needs in the City; and
WHEREAS, the City Council has further considered (1) the amount, timing
and sale of bonds to finance the estimated amounts of mortgage loans to be made
under the Program, to fund the appropriate reserves and to pay the costs of issuance;
(2) the number and qualifications of lenders eligible to participate in the Program;
(3) the method of monitoring the implementation by participants to insure that the
Program is consistent with the Plan of the City and its objectives; (4) the method
of administering, servicing and supervising the Program; (5) the cost to the City,
including future administrative expenses; (6) the restrictions on the purchase
prices of housing units to be financed under the Program and the limit on mortgage
loan amounts to be provided thereunder; (7) the maximum permitted income of persons
or families receiving financing under the Program; and (8) certain other limitations.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL of the City of Brooklyn
Center, Minnesota:
RESOLUTION NO. 82
1. That the 1982 Single Family Housing Bond Program as is on file with the
City Clerk is approved; and
2. That the City Manager is authorized and directed to submit the 1982
Single Family Housing Bond Program to the Minnesota Housing Finance
Agency for review and approval; and
3. That the City commits to contribute to the Program an amount which
together with contributions of developers, originators and sellers
equals $318,794.
1
LJ
August 30, 1982
ATTEST:
Mayor o /f
The motion for` -`Ehe adoption of the foregoing resolution was duly seconded by
member Gene Lhotka and upon vote being taken thereon, the following
voted in favor thereof: Dean Nyquist, Gene Lhotka, Celia Scott, Bill Hawes,
and Rich Theis;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.