021097 EDA - Official File Copy
CITY OF NEW HOPE
EDA AGENDA
EDA Regular Meeting #1 February 10, 1997
Agenda #1
President W. Peter Enck
Commissioner Sharon Cassen
Commissioner Don Coil/er
Commissioner Pat La V/ne Norby
Commissioner Gerald Otten
1. Call to Order
2. Roll Call
3. Approval of Minutes of October 14, 1996
Resolution Requesting Hennepin County Housing and Redevelopment
Authority to Administer Minnesota Housing Finance Agency Home
Improvement Loan Programs in the City of New Hope
5. Resolu-tion Requesting that the Hennepin County Housing and
Redevelopment Authority Include the City of New Hope in their
Application for Minnesota City Participation Program (MCPP) Funds to the
Minnesota Housing Finance Agency (MHFA)
6. Adjournment
CITY OF NEW HOPE
4401 XYLON AVENUE NORTH
HENNEPIN COUNTY, MINNESOTA 55428
Approved EDA Minutes October 14, 1996
Meeting #15
CALL TO ORDER President Pro tern Enck called the meeting of the Economic Development
Authority to order at 8:07 p.m.
ROLL CALL Present: Enck, Otten, Norby, Wehling
Absent: Erickson
Staff Present: Donahue, Sondrall, Hanson, Leone, McDonald, Bellefuil,
APPROVE MINUTES Motion was made by Commissioner Otten, seconded by Commissioner
Wehling, to approve the EDA minutes of September 23, 1996. Voting in
favor: All. Motion carried.
IMP. PROJECT 554 President Pro rem Enck introduced for discussion Item 4, Resolution
Item ~, Approving Plans and Specifications for Rehabilitation of Tasks Unlimited
Property at 3579/3581 Independence Avenue North and Amendment of
Loan Agreement (Improvement Project No. 554).
Ms. Sarah Bellefuil, Community Development Specialist, presented the
plans submitted by Task Unlimited for the proposed remodeling of the
building at 3579/3581 Independence Avenue North. She pointed out that
part of the remodeling includes converting the northern garage into a
recreation room. An amendment will be made to the agreement between
Tasks Unlimited and the City requiring the garage to be converted back to
a two-car garage if the property is ever sold. A second requirement is the
maximum of two vehicles will be allowed to park overnight on the site
while the property is owned by Tasks Unlimited.
Mr; Craig Brett, Tasks Unlimited, was recognized. He responded to
questions posed by the EDA stating persons who are wheelchair bound will
be referred to other facilities, there will only be one 12-passenger van at
the site overnight, and they intend to hold an open house for the neighbors
after the project is complete and the clients are settled.
President Pro tern Enck encouraged Mr. Brett to approach the City ~f the
two-car maximum for overnight parking should become an issue in the
future.
EDA RESOLUTION Commissioner Norby introduced the following resolution and moved its
96-17 adoption: "RESOLUTION APPROVING PLANS AND SPECIFICATIONS FOR
Item 4 REHABILITATION OF TASKS UNLIMITED PROPERTY AT 3579/3581
INDEPENDENCE AVENUE NORTH AND AMENDMENT OF LOAN
AGREEMENT {IMPROVEMENT PROJECT NO. 554)". The motion for the
adoption of the foregoing resolution was seconded by Commissioner
Wehling, and upon vote being taken thereon, the following voted in favor
thereof: Enck, Otten, Norby, Wehling; and the following voted against the
same: None; Absent: Erickson; whereupon the resolution was declared
duly passed and adopted, signed by the mayor which was attested to by
the city clerk.
New Hope EDA October 14, 1996
Page I
IMP. PROJECT 505 President Pro rem Enck introduced for discussion Item 5, Resolution
Item 5 Approving Porch Addition at 7909 51st Avenue North (Improvement
Project No. 505).
Ms. Sarah 8ellefuil explained that in 1995 the handicap accessible twin
home was constructed and sold by the City. She stated one of the
requirements of the Declaration of Covenants is that the EDA approves all
building modifications and the owner of the other unit must approve of any
changes in the building's exterior, party wall, and/or party fence. She
stated Ms. Luckeroth, owner of 7901 51st Avenue North, has consented
to the porch addition.
Ms. Bellefuil stated Jeff Bangsberg, owner of 7909 51 st Avenue North, has
requested permission to build a four season porch to the rear of his half of
the twin home. She illustrated elevation drawings of the handicap
accessible twin home and explained the proposed porch addition.
Mr. Jeff Bangsberg was recognized and stated his intent to obtain porch
plans from the same architect who developed the original house plans.
President Pro rem Enck pointed out that cement slabs oftentimes slant
toward the house creating water problems. He questioned whether
footings would be placed beneath the new slab.
Mr. Bangsberg mentioned his plans for re-rodding the cement patio for the
structure.
The EDA congratulated Mr. Bangsberg on the addition.
EDA RESOLUTION Commissioner Otten introduced the following resolution and moved its
96-18 adoption: "RESOLUTION APPROVING PORCH ADDITION AT 7909 51ST
AVENUE NORTH (IMPROVEMENT PROJECT NO. 505)'. The motion for
the adoption of the foregoing resolution was seconded by Commissioner
Wehling, and upon vote being taken thereon, the following voted in favor
thereof: Enck, Otten, Norby, Wehling; and the following voted against the
same: None; Absent: Erickson; whereupon the resolution was declared
duly passed and adopted, signed by the mayor which was attested to by
the city clerk.
ADJOURNMENT Motion was made by Commissioner Otten, seconded by Commissioner
Wehling, to adjourn the meeting. All present voted in favor. The New
Hope EDA adjourned at 8:27 p.m.
Respectfully submitted,
Valerie Leone
City Clerk
New Hope EDA October 14, 1996
Page 2
EDA
REQUEST FOR ACTION
Originating Department Approved for Agenda Agenda Section
EDA
City Manager
Kirk McDonald D 2-10-97 Item No.
By: Management Assistant By:.// 4
RESOLUTION REQUESTING HENNEPIN COUNTY HOUSING AND REDEVELOPMENT AUTHORITY
TO ADMINISTER MINNESOTA HOUSING FINANCE AGENCY HOME IMPROVEMENT LOAN
PROGRAMS IN THE CITY OF NEW HOPE
The Hennepin County Housing and Redevelopment Authority has been designated by the Minnesota
Housing Finance Agency (MHFA) as an approved lender for the Home Improvement Loan Programs.
These programs include the Fix-Up Fund and Home Energy Loans. Under the Fix-Up Fund, income
eligible home owners can quality for up to a $15,000 loan at interest rates between two and eight
percent. Energy loans of up to $5,000 are available to home owners at an eight percent interest rate.
These programs would be operated in conjunction with other Community Development Block Granl
(CDBG) and MHFA funded single-family housing rehabilitation programs.
All Hennepin County communities which have an active HRA or EDA and want the Hennepin County
Housing and Redevelopment Authority to administer these Home Improvement Loan Programs in their
community need to pass a resolution requesting the Hennepin County Housing and Redevelopment
Authority to operate the program within their City.
Staff is recommending that the City participate in these programs so that they are available to New Hope
residents. Staff is also supportive of the county administering the programs on behalf of the cities. The
Hennepin County HRA has undertakeR, these activities in direct response to requests from cities during
meetings with Hennepin County Commissioners last year to strengthen the county's coordinating role
and establish countywide programs to address housing and tax base concerns. Other neighboring
CO-OP Northwest cities are also participating in the program.
The enclosed resolution requests that the County administer this program on behalf of the City and staff
recommends approval of the resolution.
Revtew: Administration: Finance:
RFA-O01
CITY OF NEW HOPE
EDA RESOLUTION NO. 97-
RESOLUTION REQUESTING
HENNEPIN COUNTY HOUSING AND REDEVELOPMENT AUTHORITY
TO ADMINISTER
MINNESOTA HOUSING FINANCE AGENCY
HOME IMPROVEMENT LOAN PROGRAMS
IN THE CITY OF NEW HOPE
WHEREAS, the Hennepin County Housing and Redevelopment Authority (HCHRA) is an
approved lender for the Minnesota Housing Finance Agency (MHFA) Home
Improvement Loan Programs; and
WHEREAS, eligible homeowners may apply and receive home improvement loans under the
MHFA Home Improvement Loan Programs through the HCHRA; and
WHEREAS, the Economic Development Authority in and for the City of New Hope would like
to access these housing resources to meet the needs of its citizens.
NOW, THEREFORE, BE IT RESOLVED, that in accordance with MSA 383B.77, Subdivision 2,
the Economic Development Authority administer the MHFA Home Improvement
Loan Programs in the City of New Hope.
Adopted by the Economic Development Authority in and for the City of New Hope, Hennepin
County, Minnesota, this 10t~ day of February, 1997.
President
Attest:
Executive Director
Memo
DATE: January 27, 1997
TO: Suburban Hermepin County Communities
_.~L
FROM: Barbara Hayde ,~A~~ve Managgr
SUBJECT: Hennepin County HRA Application for MHFA Minnesota Cities Mortgage Program,
Fix-up Funds Lender and Proposed Legislative Change
Minnesota Cities Particigation Program (MCPP} - First-Time Homebuyers Mortgage Program
The Hennepin County Homing and Redevelopment Authority (HCHRA) will be submitting an application for
the Minnesota Homing Finance Agency (MHFA) l~linnesota Cities Participation Program. Applicatious are
due February 18, 1997. In 1996, fourteen (14) suburban Hennepin County communities applied for these
mortgage funds on their own, representing approximately $10 million in mortgage funds. The HCHRA
application will be on behalf of all communities intgrbsted in the program that did not wish to submit an
individual application for the mortgage funds.
Under the Minnesota City Participation program, the MHFA sells mortgage revenue bonds on behalf of city
and county housing authorities. The proceeds of these bonds provide below-market, interest rate mortgage
loans for Iow and moderate-income first-time home buYers. The maximum purchase price for single-family
homes under this program is $95,000. The loans are originated and processed by area participating lenders.
The MI-IFA allocates mortgage funds under this program on a per capita basis. Preliminary estimates of a
county application could result in an additional $3 million in mortgage funds available to residents in
Hennepin County. Currently, Washington and Wright COunties are major users of these funds.
The Metropolitan Council has stated that a community 's partici~ation 'in the county ap~vlication will be
viewed as an ejjort to advance ajjordable housing, regardless 0 the mortgages are utilized within the city
borders. This will assist participating cities in the implementation of the Livable Community's Act. A letter
from the Metropolitan Council is enclosed.
All communities which have an aCtive lIRA or EDA and want to be inCluded in the HCHRA application will
need to pass a resolution requesting that the HCHRA submit an application on their behalf. A sample
resolution is .enclosed. Please indicate by February 7, 1997 if your community would like to be included in
the HCHRA application. Resolutions need to be returned by March 3, 1997.
Please contact Mark Hendricl~on at 541-7084 or me at 541-7083 to indicate if YOur community wishes to
participate in the county MCPP application.
The HCHRA has been designated by MI-12FA as an approved lender for the Home Improvement Loan
Programs. This includes the Fix-up Fund and Home Energy Loans. Under the Fix-up Fund, income eligl"vle
homeowners can qualify for up to a $15,000 loan at interest rates between 2 and 8 percent. Energy loans of
up to $5,000 are available to homeowners at an 8 percent interest rate. These programs would be operated in
conjunction with other CDBG and MHFA funded single-family housing rehabilitation programs.
All communities which have an active HRA or EDA and want the HCHRA to administer these Home
Improvement Loan programs in their community will need to pass a resolution requesting the HCI-IRA to
- operate the program within the city. A sample reso. lufion is enclosed.
HCHRA Legislative Change
The state statute which authorized the creation of the Hennepin County Housing and Redevelopment
Authority (I-ICI-[Rak) is found in Minn. Stat.§383B.77. Subdivision 2 restrict~ the HCHRA from exercising
any powers within a municipality without the request of the municipality. Currently, there are thirty active
EDA's or HRA's in suburban Hennepin County. These Authorities vary from meeting 1-2 times per year to
monthly meeting~.
We would like to revise the HCHRA statute to reduce a cumbersome hpproval process for countywide
ini atives. A copy of the proposed rev ion is enclos ..The ng g. e new and that which a
stricken would be deleted ..... .~: :: , .~ . .:~. .
This revision would require the HcI~RA to notify cities, on an annual basis, of pr°posed activities and cities
would have the option to restrict the administration of any programs within their community. It would no
longer require that each HRA or EDA adopt a resolution requesting the administration of these programs in
their community. The legislative change being proposed would keep in place the requirement that local
approval be obtained prior to the .ItCIiRA undertaking a housing or redevelopment project within a
municipality. HCHRA would still need to seek local approval in a municipality which has an HRA that was
created prior to June 8, 1971 (Minneapolis and Bloomington).
I feel this revision will require that the HCHRA keep'cities informed of proposed activities and continue to
allow cities the opportunity to choose which activities they want the HCHRA to operate within their
community. It reduces the staff time required by the county and local communities to formally adopt
resolutions for all proposed HC .HRA administered programs, such as the MCPP and Fix-up Fund.
Hermepin County HRA has undertaken these activities in direct response to requests from cities during
meetings with the Hennepin County Commissioners last January. We are continuing to look for appropriate
opportunities to strengthen the county's coordinating role and establish countywide programs to address
housing and tax base concerns. Please contact me at 541-7083 if you have any questions.
EDA
/,.Z.(~~) REQUF~T FOR ACTION
Originating Department Approved for Agenda Agenda Section
City Manager EDA
! 2-10-97
Kirk McDonald Item No.
By:. Management Assistant By:. 5
RESOLUTION REQUESTING THAT THE ~ENNEPIN COUNTY HOUSING AND REDEVELOPMENT
AUTHORITY INCLUDE THE CITY OF NEW HOPE IN THEIR APPLICATION FOR MINNESOTA CITY
PARTICIPATION PROGRAM (MCPP) FUNDS TO THE MINNESOTA HOUSING FINANCE AGENCY
(MHFA)
The Hennepin County Housing and Redevelopment Authority (HCHRA) will be submitting an application
for the Minnesota Housing Finance Agency (MHFA) Minnesota Cities Participation Program (MCPP).
The applications are due February 18. In 1996 fourteen suburban Hennepin County communities applied
for these mortgage funds on their own (including New Hope), representing about $10 million in mortgage
funds. The HCHRA will be submitting an application on behalf of all the communities interested in the
program that do not wish to submit an individual application.
Under the Minnesota City Participation Program, the MHFA sells mortgage revenue bonds on behalf of
city and county housing authorities. The proceeds of these bonds provide below-market interest rate
mortgage loans for Iow and moderate income first-time home buyers. The maximum purchase price for
single-family homeS under this program is $95,000. The loans are originated and processed by area
participating lenders.
The MHFA allocates mortgage funds under this program on a per capita basis. For the past several
years, New Hope and other Hennepin County cities have applied for MCPP funds independently. In
1996 New Hope received an MCPP allocation of $473,625 to be used in first-time home buyer loans.
The county is anticipating that a county application including multiple municipalities will result in an
additional $3 million in mortgage funds available to residents in Hennepin County. In other words, more
funding is available under a countywide application than independent city applications.
The other advantage of participating with the county is that the Metropolitan Council has stated that
community participation in the county application will be viewed as an effort to advance affordable
housing. This will assist participating cities in the implementation of the Livable Communities Act (see
enclosed letter from Metropolitan Council).
MOTION BY SSCOND BY
To: d/5 ':7'7- 0 z.
/
Review: Administration: Finauce:
RFA-O01
Request for Action Page 2 2-10-97
One disadvantage to the county application may be that funds will be allocated to participating
municipalities on a first-come first-served basis. No specific amount will be reserved just for New Hope.
In the past some cities have utilized their MCPP allocation within the first several months that it is
available. In New Hope it usually takes six-eight months to utilize the funds. Therefore, there is a
possibility that New Hope could end up with a lessor allocation than in the past depending on other cities
use of the funds. However, this may very well not occur because more funds wil! be available.
All communities that want to be included in the HCHRA application need to pass a resolution requesting
that the County submit an application on their behalf. Staff is supportive of the county administering
this program on behalf of the cities and is recommending that New Hope participate in the
countywide application process on a one-year trial basis. At the end of the year, City staff will
determine whether the joint application with the county was beneficial to the City or not and present that
information to the EDA. The EDA can then determine whether the City should pursue joint or
independent applications in the future.
Hennepin County HRA has undertaken these activities in direct response to requests from cities during
meetings with Hennepin County Commissioners last year to strengthen the county's coordinating role
and establish a countywide program to address housing and tax base concerns. Other neighboring
CO-OP Northwest cities are also participating in the program.
The enclosed resolution requests that the County administer this program on behalf of the City and staff
recommends approval of the resolution.
CITY OF NEW HOPE
EDA RESOLUTION NO. 97-
RESOLUTION REQUESTING THAT THE
HENNEPIN COUNTY HOUSING AND REDEVELOPMENT AUTHORITY
INCLUDE THE CITY OF NEW HOPE
IN THEIR APPLICATION FOR
MINNESOTA CITY PARTICIPATION PROGRAM (MCPP) FUNDS
TO THE
MINNESOTA HOUSING FINANCE AGENCY (MHFA)
WHEREAS, on January 3, 1997, the Minnesota Housing Finance Agency (MHFA) issued a
request for proposals for the 1997 Minnesota City Participation Program (MCPP);
and
WHEREAS, through the MCPP, MHFA sells mortgage revenue bonds on behalf of cities to
meet locally identified housing needs for Iow and moderate income first-time
home buyers; and
WHEREAS, the Economic Development Authority in and for the City of New Hope would like
to access these housing resources to meet the needs of its citizens; and
WHEREAS, county housing and redevelopment authorities are eligible applicants for MCPP
funds.
NOW, THEREFORE, BE IT RESOLVED, that in accordance with MSA 383B.77, Subdivision 2,
the Economic Development Authority in and for the City of New Hope requests
the .Hennepin County Housing and Redevelopment Authority include the City of
New Hope in an application for MCPP funds to MHFA..
Adopted by the Economic Development Authority in and for the City of New Hope, Hennepin
County, Minnesota, this 10"' day of February, 1997.
President
Attest:
Executive Director
Memo
DATE: January 27, 1997
TO: Suburban Hennepin County Communities
SUB. CT: Hennepin County I-IRA Application for Mt-IFA Minnesota Cities Mo~gage Program,
Fix-up Funds I~nder and Proposed l~gislafive Change
The Hennepin County Homing and Redevelopmen,t Authority (HCHRA) will be submitting an application for
the Minnesota Housing Finance Agency (MHFA) Minnesota Cities Participation Program. Applications are
due February 18, 1997. In 1996, fourteen (14) suburban Hennepin County communities appliedfor ~ese
mortgage funds on their own, representing approxim,ately $10 million in mortgage funds. The HCHRA
application will be on behalf of all communities int~:rested in the program that did not wish to submit an
individual application for the mortgage funds. '
Under the Minnesota City Participation' ProgXmn, the MI-IFA sells mortgage revenue bonds on behaff of city
and county housing authorities. The proceeds of these bonds provide below-market, interest rate mortgage
loans for Iow and modera~-income first-time home buyers. The maximum pUrChase price for single-family
homes under this program ia $95,000. The loans are originated and processed by area participating lenders.
The MI-IFA allocates mortgaga funds under this program on a per capita basis. Preliminary estimates of a
county application could result in an additional $3 million in mortgage funds available to residents in
Hennepin County. Currently, Washington and Wright Counties are major users of these funds.
The Metrol~olitan Counc~ kas stated that a communiO 's l~articipation in the county apglication will be
viewed as an ejjort to advance ajjordable housing, regardless i~ the mortgages are utilized within the cil~
borders. This will asset participating cities in the implementation of the Livable Community's Act. A letter
from the Metropolitan Council ia enclosed.
All communities which have an active I-IRA or EDA and want to be included in the HCHRA application will
need to pass a resolution requesting that the HCHRA submit an application on their behalf. A sample
resolution is .enclosed. Please indicate by February 7, 1997 if your community would like to be included in
the HCHRA application. Resolutions need to be returned by March 3, 1997.
Please contact Mark Hendrick3on at 541-7084 or me at 541-7083 to indicate if your community wishes to
participate in the county MCPP application.
Home lml~rove~nt £oan Progran~
The HCHRA has been designated by MI-IFA as an approved lender for the Home Improvement Loan
Programs. This includes the Fix-up Fund and Home Energy Loans. Under the Fix-up Fund, income eligible
homeowners can qualify for up to a $15,000 loan at interest rates between 2 and 8 percent. Energy loans of
up to $5,000 are available to homeowners at an 8 percent interest rate. These programs would be operated in
conjunction with other CDBG and MI-IFA funded singie-family housing rehabilitatiOn programs.
All communities which have an active HRA or EDA and want the HCHRA to administer these Home
Improvement Loan programs in their community will need to pass a resolution requesting the HCHRA to
operate the program within the city. A sample resolution is enclosed..
HCHRA ;Legislative Change
The state statute which authorized the creation of the Hermepin County Housing and Redevelopment
Authority (I-ICHRA) is found in Minn. Stat.§383B.77. Subdivision 2 restricts the HCHRA from exercising
any powers within a municipality without the request of the municipality. Currently, there are thirty active
EDA's or HRA's in suburban Heunepin County. These Authorities vary from meeting 1-2 times per year to
monthly meetings.
We would like to revise the HCHRA statute to red'ce a cumbersome approval process for countywide
initiatives. A copy of the proposed revision is enclosed. The sh.aded language is new and that which ~ '
stricken would be deleted. . . ~_ ·
This revision would require the HcHRA to noiify cities, on an annual basis, of ProPosed activities and cities
would have the option to restrict the administration of any prOgrams within their community. It would no
longer require that each HRA or EDA adopt a resolution requesting the administration of these programs in
their community. The legislative change being proposed would keep in place the requirement that local
approval be obtained prior to the HCHRA undertaking a housing or redevelopment project within a
municipality. HCHRA would still need to seek local approval in a municipality which has an HRA that was
created prior to June 8, 1971 (Minneapolis and Bloomington).
I feel this revision will require that the HCHRA keep cities informed of proposed a~tivities and continue~to
allow cities the opportunity to choose which activities they want the HCHRA to operate within their
community. It reduces the staff time required by the county and local communities to formally adopt
resolutions for all proposed HCHR administered programs, such as the MCPP and Fix-up Fund.
Hennepin County HRA has undertaken these activities in direct response to requests from cities during
meetings with the Hennepin County Commissioners last January. We are continuing to look for appropriate
opportunities to strengthen the county's coordinating role and establish countywide programs to address
housing and tax base concerns. Please contact me at 541-7083 if you have any questions.
Metropolitan COuncil
Working for the Region, Planning for the Future
January 24, 1997
Plaan Supervisor
Office of Planning and Development
'Development Planning Unit
10709 Wayzata Boulevard, Suite 260
Minnetonka, Minnesota 55305
Dear Ms. Hayden:
[~'nnin~o this spril~ thc Metropolitan Council will be conducting an annual survey of coaaaiuuities
participating in the LCA to gather information about each cow~nunity's efforts to advance the development
or preservation of affordable and [ifc-cycle hous/ng, and their participation in affordable hous/ng programs.
From thi.~ information the Council will prepare the annual comprehensive housing report card required by
the LCA.
As we have stated from the be~'nning of our implementation of the LCA, an assessment of a city's
performance will be based as much upon their efforts to facilitate affordable and housing diversification
activity and their participation in programs as it will be on the units the market produc~ within their
borders.
The effort you have described to me to make more dollars available ~or below market MHFA home loans in
Hennepin County through the participation of several county communities is an example of the
participation we are talking about.
Guy Pe ,-rson
Senior Planner
....... 'REGEtV=0 ":,N 2, ? 1997
230 East Fifth Street St. Paul. Minnesota 55101-1634 (612) 291-6359 Fax 291-6550 TDD/TI~ 291-0904 Metro Irdo Line 229-3780
An F_.qtmi Oivjx~tunt~ Empkn~e
MINNESOTA HOUSING FINANCE AGENCY
Minnesota Homes Division
400 Sibley Street, Suite 300
St. Paul, MN 55101-1998
The Minnesota City Participation Program
· Introduction Letter
· Request For Proposal
· Program Guidelines
Housing Affordability Initiatives
Alternate Application Procedures
Key Advantages of The Minnesota City Participation Program
For Further Information Contact:
Michelle Ramos (612) 297-5146
1-800-710-8871 (Toll Free)
(612) 297-2361 (TDD)
NOTE: The Minnesota Housing Finance Agency does not discriminate on the basis of race, color,
national origin, sex, religion, age, or disability in employment or the provision of services.
This information will be made available in alternative format upon request.
MINNESOTA
HOUSING
FINANCE
AGENCY
Date: January 3, 1997
To: Minnesota Cities: City and County Housing and Redevelopment Authorities,
Port Authorities and Economic Development Authorities
From: Michael Haley/~/~//'/
Director, Minnesbt~ Homes Division
Subject: Announcement and Request for Proposal, The Minnesota City Participation Program
The Minnesota HouSing Finance Agency (MHFA) is pleased to announce and request proposals for
the 1997 Minnesota City Participation Program (MCPP). The housing pool for mortgage revenue
bonds in 1997 is anticipated to be in the range of $37-45 million.
The information contained herein expands and supplements the "Request for Proposal" and
provides program guidelines of the MCPP.
The Minnesota City Participation Program
Through the MCPP, MHFA sells mortgage revenue bonds on behalf of cities to meet locally
identified housing needs. The proceeds of these bonds provide below market interest rate home
mortgage loans for Iow and moderate income first-time home buyers. The MCPP provides cities
throughout the state with a unique opportunity to easily access housing resources to meet the
needs of their citizens.
Request for Proposals
Cities may apply for the Program by completing the enclosed Request for Proposal form. This
application format .and accompanying documentation has been developed to meet all the criteria in
state administrative rules governing applications for mortgage revenue bond authority. All
Minnesota cities with the exception of those that receive a separate entitlement of bonding authority
are eligible to submit proposals to participate in the MCPP. Under the MCPP, a "city" refers to a city
as defined in Minnesota Statutes Section 462C.02, Subdivision 6. Generally, this includes all cities,
city and county housing and redevelopment authorities, port authorities and economic development
authorities.
Under administrative rules pertaining to accessing mortgage revenue bond authority, cities may
also apply for the MCPP by submitting alternate documentation as described in Attachment 2.
Please note cities that choose to apply for allocations and self-issue bonds may use the enclosed
application form or Attachment 2.
Applications for the MCPP must be submitted to MHFA between 8:00 a.m., February
1, and 4:00 p.m., February 18, 1997.
400 Sibley Street, Suite 300, St. Paul, Minnesota 55101 (612) 296-7608
Telecommunications Device for the Deaf (TDD) (612) 297-2361
Equal Opportunity Housing and Equal Opportunity Employment
REQUEST FOR PROPOSAL UNDER THE
MINNESOTA HOUSING FINANCE AGENCY
1997 MINNESOTA CITY PARTICIPATION (MCPP)
Seven-County Twin Cities Metropolitan Area
IAnoka, Carver, Dakota, Henne~3in, Ramses,, Scott or Washington counties1
The following is a Request for Proposal (RFP) under MHFA's Minnesota City Participation
Program. This RFP is in outline format, specifying questions that must be answered..
Applications must be submitted in this format and all questions must be answered. Final
determination of the total amount of program funds available and individual allotments will be
made by MHFA in compliance with a per capita distribution method specified in statute.
Questions may be directed to Michelle Ramos, Minnesota Homes Division at. 612-297-5146
(Metro) or 1-800-710-8871 (Greater Minnesota).
Applications must be received by MHFA by 4:00 p.m., February 18, 1997 for
funding consideration under this program phase.
A. Name and address of your organization.
B. Name and phone number of your contact person.
C. Type of organization (City. Department, Port Authority, HRA, or EDA),, ~
Cities participating in the MCPP MUST PROVIDE. &~ LETlrER from at least
one lender from the enclosed Minnesota Mortgage Program lender list who
will take mortgage applications and process loans fo; you; program.
Cities have two options when selecting lenders to originate loans;.., .~ .
1) Option A; Cities ma~t. allow, all~ lenders from the enclosed list to originate the city's
MCPP I~~~:
2) Option' ~'may choose to restrict participation to only select lenders of their
choice f~tlfe lender list..
If selecting Option B, please list: 1) specific lenders chosen; 2) their
addresses; 3) their phone numbers; 4) their fax numbere; and 5) their
contact persons. PLEASE NOTE: BE PRECISE WHEN LISTING LENDER
INFORMATION, MHFA WILL PRINT BROCHURES USING THE EXACT
INFORMATION YOU' PROVIDE TO US.
Please indicate SPECIFICALLY which option your city has chosen.
Additional lenders may NOT be added later in the program term.
A. Provide a description of your city's principal housing needs.
B. List the data sources or methods used to determine the described needs.
C. Explain the specific plan developed to meet your identified housing needs,
including the resources to be accessed, and the methods used to carry out the
plan.
D. Describe any target areas to be addressed in the plan.
E. Explain how the plan will be implemented and the administrative capacity of your
city to do so.
Note: If you have already completed a Housing Plan in accordance with
Minnesota Statutes, Section 462C.03 within the past 12 months,, you may attach a
ccpy in lieu of the above requirement. Housing Plans over 12 months old may be
acceptable provided the information is still valid,, and the plan is
updated with appropriate attachments and comments.
A. Explain how your first-time home buyer program fits into your comprehensive
housing plan. - -
B. List the borrower incom~ I'm'tit~'- (Seer the-attached~prograrrr guidelines for
limitations.) ....
C. List the home purchase, p[ic~ li~a~- (See**tbe~:atta=_ hed~..prograr~ guidelines for
limitations ~- ~:~-~¥~"~"-..-.* ,'~:~%: ':. ~:-:~'?-::~.~ ~ '~ .... ~ .... '
D. Identify targeting of specifr~-populatmrr, groups,, ~f an~(e.g~-,~ mmontms, the
disabled, business em ee~, ; ~-;~--'~- ....
E. Identify targeting"of.' ar~;:':~'housing~'stock,_ if:'an~:(e.g.,:'rehab areas, new
construction developm~eie.}:~:. ' .... '-:. ....
"·: ?:::'~;" '* .... such as:'Stj'bsid~, funds, waived fees,
F. Describe any optionaFprograre enhancements
use of tax~ei~ propertles~etc, thatyou wi~.offer~ if
G.Desc,~~ pr°po~. "'Chedu~e for re~easo-ot funds (whether immediate,
delaye~.e'' proportional/divided basis)~ ,.~
H.List th;-~'~Oi· funds-r;'quested, and the ,stimat*'~ 'nU'~ber o~ ~oans to ~e
provided~. If preferred, state "maximum allowable' (by population formula)..
I. If desired, specify the minimum allocation needed for your 1997 program. If the
per capita allocation formula does not provide this level, MHFA will contact you
regarding the cancellation of your application.
J. Provide information concerning any unused mortgage revenue bond or mortgage
credit certificate resources still available in your community (non-MHFA).
K. Identify which marketing option your city will use (either accessing MHFA marketing
support or developing independent marketing).
L. Self-issuing cities must provide along with their completed application the
following information concerning their 1996 allocations as of January 31, 1997:
1) Amount allocated; 2) Amount of allotment used (sum of dollar amounts of home
mortgage loans purchased and home mortgage loans in process at lending
institutions).
Describe why you feel there is sufficient demand in your market to use the MCPP funds
requested in this application. Indicate the data soumes used to project demand, such as
real estate sales over the past year; Realtor, builder or lender information; indicators of a
housing shortage; and/or recent area business/economic expansion.
Newly constructed homes located in the Seven County Twin Cities Metro Area (Anoka,
Carver, Dakota, Hennepin, Ramsey, Scott or Washington counties) may only be
financed with funds under the MCPP IF one of the five following criteria~ is met. If your
program involves new constructiort, indicate which category (a, b, c, d or e below) will
be incorporated into your program, and include appropriate details on area, type of
structure, or affordability initiative as is applicable.
A. New construction located irt a qualified redevelopment area;. Include a brief
description and/or map defining the boundaries of your city's redevelopment area.*
B. New construction to replace a structurally substandard structure or structures.
C. New construction which wilt be developed under one or more of the 'affordability
initiatives' allowed under administrative rules (see Attachment 1)~
D. The new housing is located on a parcel purchased by the city or conveyed to the
city under Section 282.0'r, Subdivision I (tax-forfeited lands).~
E. The city-must have negotiated affordable and life cycle housing goals with the
Metrop~C:.~ouncik , ·
· 'Red--ama' means a compact and contiguous area within which 70% of the parcels are developed
(bui~Mi~etar~ utilities, etc.), and where more than 25% of the buildings are structurally substandard to a
degree rm:luidag substantial renovation or clearance.
Provide authorized signature(s) from the organization submitting this application,
including printed or typewritten name, title and phone number.
The Minnesota City Participation Program
(MCPP)
PROGRAM GUIDELINES
· A population based formula is used to determine the maximum allocation for which
each city qualifies. The maximum allocation a' city may receive is its percentage of
the housing pool as compared to the total population of all applications'received.
· Cities may apply for a specific dollar amount (minimum of $100,000) or may request
the "maximum allowable" permitted by the population formula. If the individual
allocation as determined by the per capita formula falls below a level that the city
cites as "minimum," MHFA will contact the city to verify whether the city would like to
cancel its application.
· A city must use at least 50% of its 1997 allocation by the date of program expiration
in order to be eligible to apply the following two years.
· The usage test also applies to self-issuers. With submission of this application, these
cities are required to submit loan origination data to MHFA to confirm compliance
with this statutory requirement.
· The 1997 MCPP program term will rUn for eight months. Cities will have.the
exclusive use of their individual allotments for a six month period. Following the
expiration of the six month period, all remaining individual allotments will be
collapsed into a single, statewide pool available to all participating cities for the
remaining program term.
· MCPP mortgages must meet the requirements of standard mortgage insuring and
guaranteeing entities, mortgage industry accepted underwriting standards, and state
and federal law governing mortgages provided through the issuance of mortgage
revenue bonds.
· Adjusted borrower income limits may not exceed 80% of area median income as
determined by the Department of Housing and Urban Development (HUD). Adjusted
income is calculated by taking a household's gross annual income and subtracting
$1,000 per household resident. Cities may place their local program limit at or below
these figures.
Currently, these limits are as follows:
County 80% of HUD
Area Median Income
11 County Twin Cities Metropolitan Area $43,650
(Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey,
Scott, Sherburne, Washington, and Wright)
Olmsted $43,840
All other counties $37,200
· Cities have the option of establishing any price limits desired, provided they do not
exceed the statutory defined limits listed below. The current statutory purchase price
maximums are as follows:
If the mortgaged property is located in: Existing Home New Construction
11 County Twin Cities Metropolitan Area $95,000 $95,000
(Anoka, Carver Chisago, Dakota, Hennepin,
Isanti, Rarnsey, Scott, Sherbume, Washington,
and Wright)
St. Louis County " $95,000 $95,000
Clay County $91,168 $95,000
Benton and Steams Counties $78,545 $95,000
Houston County $73,100 $95,000
Balance of State $77,540 $95,000
· MCPP funds may only be used to finance properties located within the jurisdictional
limits of the participating city or county.
· One of the following conditions must be met if new construction is to be PrOvided in
the seven county Twin Cities metropolitan area under the MCPP:
1. The new housing must be located in a redevelopment area where at least 25%
of the buildings are substandard.
2. The new housing must be replacing a substandard structure.
3. The new housing must be part of a housing affordability initiative, meeting one
or more of the criteria listed in Attachment 1.
4. The new housing is located on a parcel purchased by the city or conveyed to
the city under Section 282.01, Subdivision I (tax-forfeited lands).
5. The city must have negotiated affordable and life cycle housing goals with the
Metropolitan Council.
(For self issuers, please note: If your city is located in the seven county Twin
Cities metropolitan area, the above new construction restrictions do not apply to
loans closed ten months after your program start date).
· In the balance of the state, new homes may be financed immediately only if the city
includes in its proposal:
1. Steps the city will take to encourage loans for existing housing.
2. An explanation as to why new housing is needed.
· Statewide, cities may not provide set-aside or commitments for the exclusive use of
builders or developers except for housing affordability initiatives as specified in
Attachment 1.
· MHFA offers participating MCPP cities access to MHFA's Homeownership
Assistance Fund (HAF), an interest-free, graduated payment second mortgage loan.
HAF provides lower income first-time homebuyers with downpayment and/or monthly
payment assistance.
· Home mortgage loans are to be originated by participating lenders and bought by
MHFA in accordance with the MHFA Mortgage Program Procedural Manual.
· If a city will use additional resources or subsidies in conjunction with
the MCPP, a layer of guidelines may be added aa required by the
source of the subsidy, INDIVIDUAL CITIES ARE RESPONSIBLE FOR
THE DEFINITION AND ENFORCEMENT OF THESE ADDED
GUIDELINES,
· The Minnesota Department of Finance will charge a processing fee of $20 for each
$100,000 allotment provided. For cities participating in the MCPP, this is due with
the executed MCPP contract returned by each city before the bonds are sold. DO
NOT SEND A CHECK BACK WITH YOUR COMPLETED RFp; WE WILL
NOTIFY YOU WHEN TO FORWARD YOUR FEE.
· Once cities have selected and identified participating lenders in the MCPP
application, no additional lenders may be added for the balance of the program term.
· MHFA will provide marketing support in the form of brochures, press releases and a
shared marketing cost program.
· If preferred, cities can withdraw completely from MHFA's marketing support in order
to develop their own marketing program. Cities choosing this option would be
responsible for developing, producing, and distributing their own marketing materials
and press releases. These cities may still access funds through MHFA's shared
marketing program.
· Following the application deadline, MHFA will review all submitted applications.
· MHFA will apply the per capita allocation formula, as specified in statute, to
determine the allocation plan.
· MHFA will complete a mailing to notify cities of allotment amounts, and will provide a
formal request for fees at a later date. (DO NOT SEND A CHECK BACK
WITH YOUR COMPLETED RFP). For those cities participating in the MCPP, the
mailing will also include two contracts .which must be signed and returned.
· Cities participating in the MCPP must execute and return the contract along with the
processing fee (see part VII. Program Administration) and a 1% application deposit.
The 1% application deposit will be fully refunded, approximately one month after the
closing of the bond sale.
· Please note that upon notification of allotment, self-issuing cities must send all
fees directly to the Department of Finance at the following address:
Lee B. Mehrkens
Minnesota Department of Finance
Cash and Debt Management Division
400 Centennial Building
658 Cedar Street
St. Paul, MN 55155
Attachment I
HOUSING AFFORDABILITY INITIATIVES
Under Administrative Rules (pending) governing issuance of mortgage revenue bonds, a "housing
affordability initiative" must meet one or more of the following criteria:
1. The new construction program is accepted and or designated under The United States
Department of Housing and Urban Development (HUD) Affordable Housing Program or any
successor program sponsored by HUD to encourage affordable, newly constructed housing.
2. The program provides that financial resources, other than those necessary to complete the
mortgage revenue bond sale, are applied to reduce the cost of the housing or improve the
terms of the mortgage loans provided. A contribution greater than, or equal to, five percent of
the purchase price of each newly constructed home to be financed with mortgage revenue
bond proceeds must be provided. Such contributions may be provided either in whole, or in
part, from federal, state, or local government resources or programs, private foundations, or
the Federal Housing Finance Board.
3. The applicable local government must take steps to relax regulations for newly constructed
homes that result in greater housing affordability. These steps must reduce the cost of the
housing by at least five percent.
4. The program supports the efforts of housing groups that support self-help and/or owner built
housing initiatives in which at least 15 percent of the labor and/or materials needed to
complete the construction of each house is acquired or donated through the efforts of such
groups.
5. Housing is constructed by a nonprofit entity (as defined in Minnesota Rules Part 4900.0100,
subpart 21). The nonprofit must have the development of affordable housing as its primary
mission.
Attachment 2
Alternate Application Procedures
Cities may also apply to MHFA for MCPP participation or an allocation for self issuance of bonds by
submitting the following documentation:
1. The city must submit a housing plan as described in Minnesota.Statutes Section 462C.03,
Subdivisions I and la; and,
2. The city must provide information which clearly establishes that the program to be funded
with mortgage revenue bonds meets the requirements of the program pertaining to borrower
income limits, house price limits, limits on new construction both in the Twin Cities MSA and
outside the Twin Cities MSA and restrictions on builder set-asides (see Minnesota Rules Part
4900.3220, Subpart 2 through 7); and
3. The city must request a specific allocation from the housing pool by February 15, 1997, to be
determined by the city's per capita percentage share of the pool based on current population
statistics. The minimum allocation that may be requested is $100,000; and
4. The city must describe, if applicable, the steps it will initiate in non-metropolitan areas to
encourage loans for existing housing before new housing; and
5. If the city issues and sells bonds independently, it must maintain accurate records of funds
usage (loans originated) and provide these records to MHFA, upon request, to confirm
compliance with statutory usage requirements.
If this alternate application method is used, attach a letter of clarification indicating if application is
being made for the MCPP (where MHFA sells bonds on the city's behalf), under a joint powers
arrangement, or for an allocation to issue bonds independently.
Attachment 3
KEY ADVANTAGES OF THE
MINNESOTA CITY PARTICIPATION PROGRAM
Bond Advanta~_es of MCPP Participation
· MHFA has historically obtained the lowest available .bond interest rate in Minnesota, which
allows cities to pass the lowest interest rate on to their borrowers.
· All program underwriting costs and risks of bond issuance are absorbed'by MHFA. Costs to
participating cities are limited to a Department of Finance processing fee (charged to both
MCPP participants and self issuers) of $20 for each $100,000 in allotment.
· MHFA may often react to a falling interest rate market and lower program rates further during
the program term due to the volume of its mortgage revenue bond activity and/or remarketing
provisions in its bond resolution.
Loan Advanta_~es of MCPP Participation
· Commitment of city staff time is primarily limited to development of the local program
(completing the application), administration of any city added targeting or enhancements, and
monitoring fund usage.
· MCPP funds are flexible. Cities may "customize" their local program to meet local housing
needs. This may be through targeting of funds to specific population groups, employees,
neighborhoods, or through the addition of a local subsidy to enhance the program's impact.
· MHFA's Homeownership Assistance Fund (HAF) is available with MCPP mortgage funds. HAF
provides downpayment/closing cost assistance of up to $2,500, and monthly payment
assistance as high as $120 per month to help reach lower income borrowers. HAF cannot be
used with self-issued city bond programs.
· House price and household income limits under the MCPP are higher than other MHFA
programs, providing cities with the flexibility to adjust their program guidelines to more
effectively serve their local market. ~-
· MHFA provides marketing support for each city, including brochures, posters, ad layouts, and
local and statewide press releases.
· All lender compensation costs are absorbed by MHFA.
· Participating lenders will net 2 1/2 points for each loan closed and sold to MHFA under the
MCPP (1/2 point higher than MHFA's Minnesota Mortgage Program).
· Discount points charged to the home seller will be I 1/2 points, for both existing housing and
new construction under the MCPP (compared to 2 and 2 1/2 points under the Minnesota
Mortgage Program).
THE MINNESOTA MORTGAGE PROGRAM'LENDER LIST
Twin Cities Metro Area
DecemDer, 1996
if t~ere isr~ a ~nder on ~is list that serves your community, contact MHFA at 296-8215 in t~e TWin Cities Me~'o A~ea or 1-80~-71(;-8871 ~ml ~ee~.
We'll be g~aC to netp.
MHFA aJlows ~n0ers flexibility in determining tt~e meltx)d that they wis~ to use to distribute mortgage funds, as long as the mett~:~d chosen is ,'air
equit~31e to aJi ~tential applic~. Be sure to contact ~ lender(s) of your cfloice well in advance of t~he program commencement date to learn the
method by w~c~ they are going to dist~'ibute funds.
~tnoka Chase Manhatte~ Mortgage Corp. Ur~on Fede~ Savings Bank of Inc[iarapoiis
7900 Xerxes Avenue 2901 Me~'o Ddve. Suite 214
Norwest Mortgage. Inc. Bloomington 1~ 55431 Bloomington I~ 55425
2015 3rd Avenue Non 612-844-1700 612-853-0222
Anoi~a I~ 55303
612-422-7611 Fleet Mortgage Corp Broo~J~n Center
290 Minnesola Center
TCF Mortgage Corporal~on Blooming~n I~ 55435 BancBoston Mortgage Corp.
~5 East Main Street 612-921-0330 6235 Earle Brown Drive, Barn D
Anoka I~ 55303-2587 Brooklyn Center Iv~ 55430
,312-323-7668 Peigl Mortgage and Flnar~3aJ CorporalJon-
7803 Glenmy ROad
Apple Valley Bloomington I~ 55439 Chase Manhatlen Mortgage Cot0.
6200 Shingle Creek Pkwy., ~4~
First Federal, fsb 612-831-6644 Brooklyn Center I~ 55430-2! 28
14994 Glazier Avenue 612-566-5949
AAole VaJley I~ 55124-7498 bland Mortgage Corporation
612-432-6840 2051 Kiilebrew Drive, Suite 640
Bloornington I~ 55424 Ma~:luelte Bank Brookda~e
5620 Brooklyn Boulevard
TCF Mortgage Corporation 612-858-9604 Brooldyn Center ~ 55429-3084
7520 West 1491h Sl~eet 612-569-1458
Apple Valley I~ 55124-9001 investors Mortgage
612-432-1073 .1650 West 82nd Street, #100
Bloomington !~ 55431 Bi~ok~yn Park
~trden Hills 812-887-6900 BankAmerica Mortgage
7040 I.~iand Avenue No~ #101
Commonwealth United Mortga~ Knutson Mortgage Coq~3'al~3n arooidyn Pa~l~l~15542a
~ Pine Tree Drive, Suite 200 3001 Mel~ Drive, Suite 502 612-566-1911
Ar0en Hills I~ 55112 Bloomington I~N 55425
612-486-8850 612-851-3300 Marquette Bank Brooklyn Pa~k
7575 Brooklyn Bouievarcl
-;a~:l Mortgage Corpoi'ation Nor~ American Morlgage Company Brooklyn Pal(l~ 55443-3199
-~00 Norths Drive, Suite 150 7760 France Avenue ~ 612-585-8288
'.~en Hills I~ 55112-0301 Bloominglcm ~ 55435
· 2-486-0600 612-844-9088 TCF Mortgage Corporation
7944 Brooklyn Bouleva~
:rwest Mortgage, Inc. Nom,'est Mortgage, inc. Brooklyn Park l~155445
. Pine Tree Ddve #100 3601 Minnesota Drive #100 612-424-8007
Aroen Hills I~ 55112 Bloomingt~)n ~ 55435
512-483-8211 612-844-2200 B/J'ffalo
Becket Principal Resider~aJ Mortgage Inc. First Federal, fsb
1650 West 82nd Street, Suite 1080 19 Centi'a Avenue
$,her0ume State Bank Bloomington I~ 55431 Buffalo I~ 55313-0338
· ~500 Sherbume Avenue 612-885-5656 612-682-3035
~e~er ~ 55308
~. 2-261-4200 Security Mortgage and Financial Services, Inc, The BuffaJo Na~naJ Bank
8200 Normandale Boulevard, Suite 340 101 South First Avenue
Bloomineton Bloomington I~ 55437 Buffalo IV~ 55313
-2a~cBos~3n Mortgage Corp. 612-897-0988 612-682-2311
.~501 Minnesota Ddve, Suite 550
~,o~rnington IVt, t 55435 TCF Mortgage Corpora~on The Oakley National Bank of
-_' ~ 2-893-0865 7800 Penn Avenue Sou~ 15 Division Street
Bloomington !~ 55431-1378 Buffalo I~ 55313-0040
612-924-8850 812-682-5390
E:en P~Me
3um~t~ ~ 55337 ~n ~ ~ 55433 612-9~3-1655
~ 12-~ 90-9525 612- 786-0466
~0 W~ ~ Rd. 42 ~ ~n
3~i~ ~ 55337 ~n ~ ~ 55433 ~ ~ 55435
~ 12-435-3275 612-717-0299 612-922-2030
~00 Ni~llet ~u~, Suite 2~ I~ ~ ~s ~e~ ~ F~ A~n~, ~e 410
~um~ille ~ 55306 ~n ~ ~ 55433 ~ ~ 55435
612-898-4100 612-757.2700 612-928-5473
i~ W~t ~ ~., ~1 ~ ~n S~t ~ ~1 ~s~, S~e~l
B~ ~ 55337 ~ ~ ~ 55448 ~ ~ 55439
~ 12-890-1424 612-422-0104 612-893-9481
12~1 ~et A~ ~ 1~ ~ ~ ~e~ ~ We~ ~ S~t
B~ ~ 55337 ~ ~ ~ 55433 ~ ~ 55435-2649
612-894-4835 612-767-4504 612-924-as50
Chanhassen ~ F~ ~ Elk R~er
761 W~ 78~ S~ S~ ~ 612-755-9022 716
~ ~ 55317-9573 ~ ~r ~ 55330
612-934-2355 ~n 612-~1-7133
~ ~ ~ ~ ~ 710 ~ A~
~ ~ 55318 612-~5-9779 612-441-5884
~12-361-5325 ~ ~
2121 ~
Chi~a~o C~ ~ ~1~ ~ ~55330
Ch~ S~ ~ 812~54-6270 612~1-I~
Chi.~ C~ ~ 5~13 Eden PraiSe
~12-257-6561 ~ ~ T~
Clear Lake ~~~
~ ~ ~ 55344 ~~55331-3042
S~ S~ ~ 612-9~-6640 612~7~11
Z03 ~n~ S~
C:~ ~ ~ 55319 F~ ~
320,7~-2213 8110 ~ ~
316
Cokate 612-M7-~ 10 F~ ~ 5502~
S~te ~ of ~ G~ ~ ~n of PA 612-463-4440
~01 Ea~ ~ S~et 11~ ~
Co~= ~ 55321 E~ ~ ~ 55344 F~M~ Lake
320-286-2146 612-943-2410
~ 15~ S~t sw
TCF ~ ~m~on ~ ~ ~ 55025
~ ~ ~ Dd~ 612-4~-4332
E~ ~M ~ 55344-5333
612-943-9670
'~ ~u~ ~,<e Street ~ ~le ~v~m.,e..=,.Ilo '~
· ~3 9i~ A~n~
; ~.464-~880 6!2-904-7579
~ ~ ~ 55358
~olden Valley 320-963-3161 TCF MoP,Ge Ccmcra:,.on
~01 M~que~ Aven~ S01-C2-3
',~ ~k ~l~n Valley ~ M~S ~ 55 402
3~ ~l~n V~y Rc~
3~n Vary ~ 5542 7-4409 ,~e~n Rea~n~ ~a¢ Co~. 612-332-2949
~ ~st Ro~a~ Amnue ~13
51 2-797-8444 ~ ~ 55117 Mlnnetonka
Ha~ln~ 6~ 2-~8.1801 I~estors Mo~
1730 Ptymo~ RoaO, Sui~ 301
:sko~ Mon~ge Co~ora~n M~e~ B~ M~ ~ 55305
:303 ~u~ Fmn~ Road 1815 ~ St. Paul
~asangs ~ 55033 ~ ~ 55109 612-542-3000
512-437-7223 612-773-2300 TCF Mo~e ~ra~on
1~1 R~o~
~rst FeSta, ~ TCF Mo~ ~ra~on M~ ~ 55343-5669'
~asangs ~ 55033-2426 ~ ~ 55109 612-544-1469
512-437-6169 612-773-1001 Monticello
~ Na~o~ ~ Ml~eapoll~ LJ~ ~ngs ~k fsb
119 We~ ~m~ S~et 1 ~ H~
Has,rigs ~ 55033 Rr~ ~k Na~ ~on ~n~ ~ 55362
612-437-3106 1010 ~u~ ~ven~ Sff~L Sui~ 200 612-295-4411
~ ~ 55415-1749
Hopkins 612-973-6821 M~ ~k
1~ Pi~ SE~t
No.st ~, Ira. F~ ~ Na~ ~ton ~n~ ~ 66362
1011 ~ 1st S~t, ~102 ~1 ~A~ ~ 612-271~106
Ho~ ~ 55343 ' ~ ~ 56402-4302
612-939-6066 612-973-3445 Mound
Inyer, Grove HeiRht= Fm ~ ~ ~~ ~ ~ ~um
919 ~a ~ S~t ~ ~me~ ~u~
~rst Fe~, ~ ~ ~ 65407 ~ ~ 55364-1678
~5 ~iil A~n~ ~ 612-826~182 612-472-8305
~n~r Gro~ Heig~ ~ 66076-2022
2-456-
1553
~ ~ ~ ~ ~ ~ New Hope
lsant! ~ ~ 55426 ~ ~ ~ Ho~
~ ~mmu~ ~ 612-691-1~0 ~ ~ ~ 55426-4926
29 West M~
~n~ ~ 66040 ~ ~ ~ 612-536-62~
612-444-5528 ~ ~ ~, Saa 415
~ ~ 55426 Ne~
L ~kevllle 612-563~236 ~ ~ ~ p~g~
217 ~t ~n
',l~Ee ~ ~e~lle ~ ~ ~ ~ ~ 66071-1537
~790 207~ SEeet West 1527 ~ ~ S~ 612-758-4465 ·
:~e~t~ ~ 55044-0456 ~ ~ 66407
512-469-2165 612-721~103
Maple Grov~ ~ ~ ~k ~
~o~est Mo~, I~ ~ ~ 65402 N~ ~ 56056
M~ Gm~ ~ 55369 612-337-7026 612-773-2307
51 Z-424-1400 NC9 ~ ~m~y
~1 N~t M~
~ ~ 55480-9977
612-904-8000
North BranGh ~
1115 SoulYMew BoUevard
Commuity ~ Bank ~i:ia Nalie~al, Inc. Sou~ SL Paul lvH 55075
5481 St. Croix Trail 1700 West I-rwy. 36, Suite 530
Nor~ Branch I~ 55056 Rosev~ I~ 55113 612.450-7611
612-674-5988 612-636- 2456
Mercflants State Bank of Norltt Branch Investors Morlgage TCF Mortgage Corpora~
738 71tl Avenue 2230 West Co~xtty Road C 8020 l-ligtway 7
No~ Branc~ I~ 55056 Rose,ale I~ 55113 St. Louis I~ 55426-3998
612-674-5000 612-631-2300 612-935-5090
Oakdale N~ s~ l~k St. Loula Parl(
1397 Geneva Argue NcNb, SuilB 206 612-489-8811 5050 Excelsior Boulevard
O;~laJe I~155128 St. Lo~s Park I~ 55416
612-739-8553 TCF ~ Corporalion 612-915-8556
Ot.~e_¢~o 2100 Nort~ Sr~ling
Roam'Is I~155113-6090 CilizetlS ~ Ba~
Man:luelte Bank Otsego 612-636-4480 4201 IArtte~ Boulevan:l
15760 ~ Sl~eet NE SL I.o~ Parkl~ 55416
Otsego I~ 55330- Ru~'h C~v' 612-926-6561
612-241-1085 F'~st Slat~ Bank of Rt~ City Inlartd Morlgage
4~ & Dana 5100 ~ Drive, Suite 470
Plvmoutll Flush Ci~ ~ 55069 St. L=~s Pa~ ~ 55416
C=ttz~, NaJioral, m 320-356-4786 612-546-1520
505 N. Hwy. 169, S~te 655
Ptymoul~ !~155441 ~&rlt~¢~o Fie~Jm~ ldo~Q~je ~oup,
612-544-2556 Shetl:xz~ ~ Ballk St. Lo~ Park I~ 55426
16618 20ffi Slier
The Farn~y Mortgage Sa~,,ago 1~4 55377 612-593.1169
3200 Harbor Late
Plymouth ~ 55447 612-662-2281 St.
612-557-1176 ,,~l~k op~ CelY~J Bari{
1020 Rice Sln~et
Prior Lake. uan~uet. ~k Shakooee SL Pa~ ~ 551 ~ 7
Marquette Bank Prior Lake $hakopee lvl'4 55379-1328 612-488-2516
16817 Dulu~ Avenue SE
Pdor Lake ~ 55372 612-496-7403 Eastern Heights Bank
~12.447-9705 ThoFamJyeank, f~ SL F~5511~ ..
327 MarschaJI Street
Richfield ~ IVFi 66370 612-736-9922
Norwest Mortgage, Inc. 612-496.0019 First Bank ~ AssodalJon
6445 Nicollet Avenue Sou~l 1000 Paym A~rlue
Richfield I~ Shorevlew
St. PaLd i4~ 55101
612-661-175~ SancSos~ Moreage Cup. 612-771~23S
Robbin3dale ~0 ww H~ ~, S~ 150
Shoreview ld~ 55 126 F~st Bank NalionaJ Association
Citizens Inctepefldent Bank 612-484-1321 1071 GrarC
3700 West Broadway St. Paul I~155105
Rol~sclaJe I~155422 Homeownem ibiOrk?_? Corpomt~n 612-229-6170
6~ 2-566-2715 3450 Lexinglon Avenue
Shoreview I~155126 Norwest Mortgage, Inc.
RO3elltO Ullt 612.481 ~ 722 2550 University Avenue West #190
St. Paul Ib~155114
~n ~ ~ South St. Paul 612-647-4700
~ 5055 ~ndaJe Awnue Soul~
Rosemo~ J~ 55068-0439 F'rst Americart Bank Metro Princeton Bank
612-423-5000 633 Soul~ Concor~ Street 360 Cedar SlTeet
South St. Paul !~ 55075 St. Paul I~ 55101
612.450-5147 612-290-2424
St. P:~Ut ~155108 ~70 East C~unty L;ne
512-426-3878
:CF Mo~age Corp~m~on
St. Paui ~55105-2100 Nort~ Star ~r~
4861 Higtlway 61
612-698-6438 While 8ear I. nke I~ 55110
512-429-4193
TCF ~ortgage Cor~ration
.~ ~ s~eut~ Aver~ Woodburv
St. Paut ~ 65119-4393 --
~ 12-730-4786 ,~'gl.Nnedca Bank
6949 V~ey Creek Road
TCF Mortgage Corgoralion Woodbury ~ 55125
405 Nort~ Robert Slreet 812-738-6822
St. Paul I~i 55101-2097
612-291-4113 Norwest Mortgage, Inc.
1811 Weir Driv~ #365
LJrwersity National Bank ~~i 55125
~ University Avenue West 612-739-3061
St. Paul bl~ 55103
612-298-6750 TCF Mortgage Corporation
~ weo~t~ 55125
612-730-6728
~terchar~ $1ale Bank of No~ ~
SC=SS Smcy TrN 14h/omin~
Siacy I~i 55079
612-462-1919 F~st State Bank of Wyoming
26741 Felton
Stilltvate~, - ~ !~ 55092
CentrJ Bank 612-462-4711
2270 Frontage Road West Zlmmerman '
S tillwater !~155082
612-439-3050' PiMcM~ Batik '-
tVaconla 2tanemm ~ 553S8
~rst FedeX, f~b 612-866-4020
Wa:l:x'ia '!~155387-0287 ~ Bari[
2~nmmam !~166398 '
612-~5~-402B' '
53 West Main $1reet
',~Ya:~'ia ~ 55387-0085
612-442-2265
~rslar Home ldortgage Corpomlion
?.00 East Lake Street
WayT. ala ~ 55391
-312-475-8775
West St, Paul
~6 E. Thomp~,5 A,,~nue
West SL Paul ~ 55118
512-450-2053