HRA RES 1996-09 - 00001088HRA RESOLUTION N0. 9- 1996
RESOLUTION AUTHORIZING EXECUTION OF A LOAN SERVICING
AGREEMENT WITH THE COMMUNITY REINVESTMENT FUND, INC.
WHEREAS, the Housing and Redevelopment Authority in and for the City of
Fridley (the "HRA") has developed a Comprehensive Housing Rehabilitation
Program to assist property owners in maintaining and improving their
properties; and
WHEREAS, the HRA has established a Revolving Loan Program to meet the needs of
homeowners who are unable to qualify for financial assistance through other
HRA programs; and
WHEREAS, the HRA has determined that it would be cost-effective to utilize an
outside contractor to service the Revolving Loans; and
WHEREAS, the Community Reinvestment Fund, Inc. (the "CRF") has the capability
and experience to service the Revolving Loans.
NOW, THEREFORE, BE IT RESOLVED THAT, the HRA hereby accepts CRF's proposal to
service the HRA's Revolving Loan Program on the following conditions:
l. CRF's initial loan set-up fee shall not exceed $15.00 per loan nor shall
the monthly service fee exceed $4.50 per loan.
2. The Chair and Executive Director are hereby authorized to execute a Loan
Servicing Agreement with CRF.
PASSED AND ADOPTED BY THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE
CITY OF FRIDLEY THIS 11TH DAY OF APRIL, 1996.
LAWRENCE R. COMMERS - CHAIRMAN
ATTEST:
WILLIAM W. BURNS - EXECUTIVE DIRECTOR