HRA RES 1994-06 - 000139091
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RESOLUTION N0. HRA 6- 1994
A RESOLUTION AUTHORIZING THE MODIFICATIDN OF THE
FRIDLEY HOME MORTGAGE ASSISTANCE PROGRAM
BE IT RESOLVED by the Board of Commissioners (the "Commissioners") of the
Housing and Redevelopment Authority in and for the City of Fridley, Minnesota
{the "Authority"), as follows•
Section 1, Recitals.
1.01 It has been proposed that the Authority modify the Fridley HOME Mortgage
Assistance Program (the "Program") which has been established for the
residents of the City of Fridley (the "City")
1 02 It has been further proposed that the Authority enter into the necessary
agreements to implement the modifications to the Program including the
amendment of the Mortgage Origination Agreement (the "Origination
Agreement") with United Mortgage Corporation, or its transferee, Bank of
America, FSS (the "Bank") as participating lender
Section 2 Histor�
2 O1 The Authority authorized the establishment of the Program by Resolution
No. HRA 4-1993 adopted at its meeting on July 8, 1993.
2 02 The Chairperson and the Executive Director of the Authority executed the
Origination Agreement dated as of December 1, 1993
2 03. The Chairperson and the Executive Director executed a consent to
transfer the rights and obligations under the Origination Agreement from
United Mortgage Corporation to Bank of America, FSB
Section 3, Findines.
3.01 The Authority hereby finds that the Program will be most effective if
the minimum amount of rehabilitation to qualify for a
Refinancing/Rehabilitation Loan ox an Acquisition/Rehabilitation Loan,
as they are defined in the 6rigination Agreement, is not less than
$5,000 00
3 02. The Authority hereby finds that the adoption of the modifications to the
Program promote the purposes of the Authority as those purposes are
defined in Minnesota Statutes, Section 469.001, et sea (the "Act"}
Section 4. Authorization of Modifications to the Pro�ram.
4 O1 The Authority hereby approves and adopts the modifications to the
Program as described above.
Section 5. Authorization for Execution of Amendments to the Origination
Aereement and Revision by Sunvlemental Notice
� Page 2-- Resolution No. HRA 6- 1994
5,01 The Authority hereby approves Amendments to the Origination Agreement as
described above and Revision by Supplemental Notice, as provided in the
Origination Agreement, and authorizes its Chairperson and Executive
Ditector to execute amendments to the Origination Agreement and Revision
by Supplemental Notice on behalf of the Authority with such additions
and modifications as those officers may deem desirable or necessary as
evidenced by the execution thereof.
PASSED AND ADOPTED BY THE HOUSING AND REDEVEIAPMENT AUTHORITY IN AND FOR THE
CITY OF FRIDLEY, MINNESOTA, THIS 11TH DAY OF AUGUST, 1994.
ATTEST
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WILLIAM W. BURNS - EXECUTIVE DIRECTOR
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LAWRENCE R COMMERS - CHAIRPERSON
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