HRA RES 1993-01 - 000138911
' RESOLUTION NO. HRA 1- 1993
RESOLIITION AUTHORIZING PARTICIPATION IN THE
MHFA MINNESOTA CITY PARTICIPATION PROGRAM
WHEREAS, the Housing and Redevelopment Authority in and for the
City of Fridley, Minnesota (the "Authority") finds it desirable to
encouraqe home ownership opportunities; and
WHEREAS, the Authority finds it cost-prohibitive to issue mortgage
revenue bonds on its own; and
WHEREAS, the Authority has been invited to participate in the
Minnesota City Participation Program offered by the Minnesota
Housing Finance Agency (the "MHFA"); and
WHEREAS, said program would issue bonds on behalf of the Authority
for the purposes of providing low interest mortgage financing to
first-time homebuyers.
NOW, THEREFORE, BE IT RESOLVED that the Housing and Redevelopment
Authority in and for the City of Fridley hereby authorizes and
directs staff to submit an application £or the MHFA Minnesota City
Participation Program and further authorizes the Chairperson and
' Executive Director to enter into the necessary agreements for the
implementation of the proqram.
PASSED AND ADOPTED BY THE HOUSING AND REDEVELOPMENT AUTHORITY THIS
20TH DAY OF MAY 1993.
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LAWRENCE R. COMMERS, CHAIRPERSON
ATTEST:
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WI LIAM W. BURNS� EXECUTIVE DIRECTOR