HomeMy WebLinkAboutResolution 82-54 Resolution 82-54
Approving the 1982 Single Family Housing Bond Program
WHEREAS, Minnesota Statutes Chapter 462C (the "Act") authorizes the
City of Columbia Heights (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 prima~.ily by
persons of Iow and moderate income; and
WHEREAS, the City has prepared a 1982 Single Family Housing Bond
Program (the "Program")~ and
WHEREAS, the City, after published notice and public hearing in
conformance with the requirements of the Act, on September 22, 1980 adopted the
Housing Plan for the City (the "Plan")~ and
WHEREAS, the City submitted the Plan to the Metropolitan Council for
review and comment; and
WHEREAS, the Metropolitan Council favorably reviewed the Plan; and
WHEREAS, the City has determined that many would-be purehmsers 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 h~using
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 objectively;
(4) the ~method of administering, servicing, and supervising the Program; (5) the cost
to the ~ity, including future administrative expenses; (6) the restrictions on the
purchase prices of housing units to be financed under the Program mad 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; and
WHEREAS, the City will require letters of intent from local lenders
originate loans under the Program and to deposit an origination fee with the City in
an amount equal to at least 3% of the ~mount of lomas to be made.
RESOLUTION NO. 82-54
page 2
NOW THEREFORE BE IT RESOLVED BY THE CITY OF COLUMBIA HF, IGHT~I:
That the 1982 Single Family Housing Bond Program ~s is on file wifuh the
City Clerk is approved; and
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
®
That the City will require all lenders who partieipate in the Program to
deposit with the Program an origination fee of three percent (3%) of the
dollar amount of the loans to be originated to the lenders; and
e
That the City will require each developer who participates in the Program
to contribute an amount at lea. si equal to three percent (3%) of the a~notmt
of loans allocated to the developer's project (which contribution may, at the
discretion of the City, be applied towards the lenders origination feel and
That the City wili require all sellers of housing units under the Program
(other. than developers who have paid a developer's commitment fee) to
contribute to the program an amount equal to one percent (1%) of the loan
for the housing unit; and
The total non-bond proceeds contributed to the-program will not be less
than 3% of the princlpal amount of the bond.
Passed this
Offered by:
Seconded by:
Roll call:
3tst day of August, 1982.
Petkoff
Hov I and
Hovtand, Petkoff, Hentges~
Norberg--nay
Cc?Anne Student, Counc~t
Secretary
Nawrocki--aye
Bruc'~G. Nawrocki, Mayor