HRA RES 1993-03 - 000138931
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RESOLUTION N0. HRA 3- 1993
A RESOLUTION ESTABLISHING A HOME IMPROVEMENT LOAN
PROGRAM; ESTASLISHING THE AREA OF OPERATION; PROVIDING
FOR THE BELEGATION OF CERTAZN POWEAS AND DUTIES;
AUTHORIZING THE ERECUTION OF A MEMORANDUM OF
UNDERSTANDING BY AND BETWEEN THE HOUSING AND
REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF FRIDLEY
AND THE FRIDLEY STATE BANK
BE IT RESOLVED hy the Board of Commissioners (the "Commissioners") of the
Housing and Redevelopment Authoxity in and for the City o£ Fridley, Minnesota
(the "Authority"), as follows.
Section 1 Recitals
1,01. It has been proposed that the Authority establish a Home Improvement
Loan Program (the "Program") for the residents of the City of Fridley (the
"City")
1.02. It has heen further proposed that the Authority participate with the
Minnesota Housing Finance Agency (the "M H F A") to secure funding and that
the Authority px'ovide its funds for additional assistance.
1.03. It has been further proposed that the Authority enter into the
necessary agreements to implement the Program including a Memorandum af
Understanding (the "Memorandum") with the Fridley State Bank (the "Bank") as a
participating lender
Section 2 Findines
2 O1 The Authority hereby finds that its area of operation in which to
implement the PYOgram is the area within the territorial boundaries of the
City as provided for in Minnesota Statutes, Section 469 002, Subd. 8
2.02. The Authority hereby finds that the adoption of the Program promotes
the purposes of the Authority as those purposes are defined in Minnesota
Statutes, Section 469 001, et sea (the "Act").
2.03. The Authority hereby finds that the Program will assist in the
alleviation of shortages of decent, safe and sanitary residential housing
available within the City at prices affordable to persons and families of low
or moderate income as described therein
2.04. The Authoxity hereby finds that preservation of the quality of life in
the City is dependent upon the maintenance, provision, and preservation of an
adequate housing stock, that accomplishing this is a public purpose in that
there are many residences in the City which require rehahilitation, that a
need exists to provide in a timely fashion affordable housing to persons of
low and moderate lncome as described in the Act and herein residing and
expected to reside in the City; that many owners, would-be purchasers or
providers of residences are unable to obtain mortgage credit for
rehahilitation of residences under current market conditions; and that in
establishing its Program the Authority is acting in a11 respects to benefit