HomeMy WebLinkAboutResolution 94-20RESOLUTION 94- 20
RESOLUTION OF CITY COUNCIL OF THE CITY OF COLUMBIA HEIGHTS APPROVING APPLICATION
TO THE FEDERAL HOME LOAN BANK OF DES MOINES FOR DOWNPAYMENT ASSISTANCE ON
SINGLE FAMILY HOME PURCHASE FOR SHEFFIELD NEIGHBORHOOD
WHEREAS, the City of Columbia Heights has a redevelopment project underway in the Sheffield Neighborhood and
has acquired 15 blighting influence vacant duplexes in the neighborhood; and
WHEREAS, three of those duplexes now owned by the City are located outside of the target block area (4600 blocks
of Fillmore and Pierce) and the 'Sheffield Neighborhood Redevelopment and Housing Development Plan' as adopted
by the City Council on February 28, 1994, has provisions for the City acquiring the renovating duplexes outside of the
target block into single family homes and sale of such homes; and
WHEREAS, to enable the City to renovate the duplexes to single family homes and sell them at a reasonable price (for
low to moderate income families) so that the City can minimize its costs and enable the City to complete more duplex
conversions, there is a need for a downpaymeat assistance fund to assist and entice low to moderate income homebuyers
to purchase the renovated homes; and
WHEREAS, the Federal Home Loan Bank of DesMoines and its participating lender banks, including Norwest Bank
of Minnesota, has an Affordable Housing Program under which the City may apply for downpayment assistance funds
for low to moderate income families (adjusted gross income of up to $39,680);
WHEREAS, HRA staff has prepared on behalf of the City an application for $30,000 through the Norwest Bank to the
Federal Home Loan Bank of DesMoines.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Columbia Heights that:
1. The City Council approves City application for up to $30,000 from the Federal Home Loan Bank of DesMoines
(through Norwest Bank of Minnesota) for downpayment assistance.
2. The Mayor and City Manager are authorized to sign the necessary application and documents for
implementation of the downpayment assistance program when the application is approved.
PASSED THIS 28th day of March
MOTION BY: Rue t t i ma nn
SECOND BY: Peter son
ROLL CALL VOTE: AYES: Jo 'i ]y,
NAYES: None
Nawrocki, Ruettimann~ Peterson,
,1994.
Sturdevant
ATTEST:
JJ~- ANNE STUDENT
A ~TY COUNCIL SECRETARY
CITY OF COLUMBIA HEIGHTS, MINNESOTA
(~SEPH~TUR~EVANT, MAYOR -