Title
Approving a 2011 housing finance program and the issuance and/or reissuance by the Minneapolis/Saint Paul Housing Finance Board of single family mortgage revenue bonds and/or mortgage credit certificates.
Body
WHEREAS, pursuant to the Minnesota Municipal Housing Act, Minnesota Statutes, Chapter 462C (the "Housing Act"), the City of Saint Paul, Minnesota (the "City") is authorized to carry out programs for the financing of single family housing for persons of low and moderate income; and
WHEREAS, the Minneapolis/Saint Paul Housing Finance Board (the "Board") proposes to undertake a 2011 single family housing finance program (the "Program") to issue and/or reissue mortgage revenue bonds (the "Bonds") or to issue mortgage credit certificates ("MCCs") to provide a tax credit to first-time homebuyers to reduce the cost of financing a home located in the City or Minneapolis, all pursuant to Minnesota Statutes, Sections 469.001 to 469.047, Chapters 462A, 462C and 474A and Section 471.59 (together, the "Act"); and
WHEREAS, the Act requires adoption of the Program after a public hearing held thereon following publication of notice in a newspaper of general circulation in the City and Minneapolis at least fifteen days in advance of the hearing; and
WHEREAS, the City Council has on the date hereof conducted a public hearing on the Program, after publication of notice as required by the Act; and
WHEREAS, the Program was submitted to the Metropolitan Council at or before the time of publication of notice of the public hearing thereon, and the Metropolitan Council was afforded an opportunity to present comments at the public hearing, all as required by the Act; and
WHEREAS, the adoption of the Program and the issuance and/or reissuance by the Board of Bonds and/or MCCs are in the best interests of the City.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAINT PAUL AS FOLLOWS:
1. The Program is hereby approved in its entirety in su...
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