01-30-1996 HR MIN • MEETING OF THE ELK RIVER HOUSING AND REDEVELOPMENT
AUTHORITY
HELD AT THE ELK RIVER CITY HALL
JANUARY 30, 1996
Members Present: Chair Schuldt, Commissioners Hinkle, Wilson
Members Absent: Commissioners Farber, Kropuenske
Staff Present: Bill Rubin, Executive Director; Michelle Dwyer, Recording Secretary
1. Call Meeting To Order
Pursuant to due call and notice thereof, the meeting of the Elk River Housing
and Redevelopment Authority was called to order at 5:07 p.m. by Chair
Schuldt.
2. Consider January 30, 1996, HRA Agenda
The following changes were made to the agenda:
5.A Consider the 1995 HRA Cash Activity
5.B Consider HRA Check Register
COMMISSIONER WILSON MOVED TO CONSIDER THE JANUARY 30, 1996 AS
REVISED. COMMISSIONER HINKLE SECONDED THE MOTION. THE MOTION CARRIED
3-0.
3. Consider January 9, 1996, HRA Minutes
COMMISSIONER HINKLE MOVED TO APPROVE THE JANUARY 9, 1996 HRA MINUTES.
COMMISSIONER WILSON SECONDED THE MOTION. THE MOTION CARRIED 3-0.
4. Consider an Application to Minnesota Housing Finance Agency (1996 First Time
Home Buyer Program)
Bill Rubin, Executive Director introduced the annual MHFA First Time Homebyer
Program. MHFA proposes to sell$38 to$56 million in mortgage revenue bonds
for the program. Applicants must have an adjusted gross income not
exceeding $40,800 and eligible properties must not exceed a maximum
purchase price of$95,000 for new construction or existing homes. Last year
MHFA introduced a population-based allocation, Elk River will likely obtain
approximately$260,000 for mortgages in 1996. Each community has exclusive
use of its reservation for six months.
COMMISSIONER WILSON MOVED TO AUTHORIZE AN APPLICATION TO THE
MINNESOTA HOUSING FINANCE AGENCY FOR A"MAXIMUM ALLOWABLE"
ALLOCATION OF ITS MCPP FUNDS FOR FIRST TIME HOME BUYER MORTGAGES.
COMMISSIONER HINKLE SECONDED THE MOTION. THE MOTION CARRIED 3-0.
Elk River Housing and Redevelopment Authority Meeting
January 30, 1996 Page 2
COMMISSIONER HINKLE MOVED THE DESIGNATE FIRST NATIONAL MORTGAGE,
NORWEST MORTGAGE, HEIGL MORTGAGE, AND TCF MORTGAGE CORPORATION
AS LENDERS FOR ITS 1996 MCPP MORTGAGE PROGRAM. COMMISSIONER WILSON
SECONDED THE MOTION. THE MOTION CARRIED 3-0.
5.A Consider the 1995 HRA Cash Activity
Assistant City Administrator, Lori Johnson submitted the cash activity for the
period ending December 31, 1995. As of January 1, 1995 the HRA had a
beginning balance of$108,447.88. As of December 31, 1995 the HRA had an
ending balance of$119,998.81 (excludes December interest). In 1995 the HRA
had revenues of$64,701.54 and total expenses of$53,150.61.
5.B HRA Check Register
COMMISSIONER HINKLE MOVED TO APPROVE THE JANUARY 19, 1996, HRA CHECK
REGISTER IN THE AMOUNT OF$1,851.88. COMMISSIONER WILSON SECONDED THE
MOTION. THE MOTION CARRIED 3-0.
6. Adjournment
There being no further business, COMMISSIONER HINKLE MOVED TO ADJOURN
THE MEETING. COMMISSIONER WILSON SECONDED THE MOTION. THE MOTION
• CARRIED 3-0.
The meeting of the Elk River Housing and Redevelopment Authority was
adjourned at 5:25 p.m.
Respectfully submitted,
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Michelle Dwyer
Recording Secretary
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