HomeMy WebLinkAbout2017 10-09 EDAPBy: Jesse Anderson, Deputy Director of
Building and Community Standards
GMHC closing Housing Resource Center
Center for Energy and Environment would
take over loan origination for Brooklyn Center
Low Interest Loan Program.
Community Revitalization Fund will continue
to Service existing Renew loans.
Loans can be for up to $50,000 for home
improvements with 3% interest
City of Brooklyn Center buys down the MHFA
fix up fund loans interest rate.
CEE would take over the loan origination that
GMHC was providing. The loans would
remain serviced by MHFA.
$25,000 annual allocation from TIF 3 Housing
Funds.
Down payment assistance for vacant and
foreclosed properties
Forgivable after 5 year
All allocated funding has been expended
CRF serviced the loans for GMHC
CRF agreement would be directly between
City and CRF.
Services include Release of Mortgages,
subordinations, Payoff statements, etc.
No cost to the city
Renew Loan Servicing would continue by CRF
Application for Low Interest loan would be
submitted by CEE to MHFA for approval to
continue the program.
Questions?