273823 WHITE - CITV CLERK 1
B�UE -MAVOR E TY SAINT PATTL - File NO. � �-
CANARV -DEPARTMEN COUIICII ��\"��.�'1
7 4
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� � Zn nCe Ordinance N O. ��fJ���
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Presented By
Referred To Committee: Date
Out of Committee By Date
AN ADMINISTRATIVE ORDINANCE, CITY OF
ST. PAUL, HOUSING AND REHABILITATION
FINANCE PROGRAM.
THE COUNCIL OF THE CITY OF SAINT PAUL DOES ORDAIN:
Section l.
Section 3 of Ordinance Number 15975 (as amended by
Ordinance No. 16504) is hereby amended by deleting that Section
in its entirety and substituting in lieu thereof the following:
In the administration of the City' s housing finance
programs, the mayor shall endeavor to make use of existing lending
institutions and staff, from the private and the government sector.
The mayor may employ all such necessary staff, contract with public
or private institutions or persons and obtain materials, supplies,
equipment and office space as is in the judgment of the mayor
necessary for the administration of the programs and within the
funding appropriations approved by the City Council.
Section 2 .
Section 4 of Ordinance Number 15975 (as amended by
Ordinance No. 16504) is hereby amended by deleting that Section
in its entirety and substituting in lieu thereof the following:
Subject to the approval of the City Council, the Mayor
may employ the services of the Minnesota Housing Finance Agency
for the purpose of aiding in the implementation of the City's
housing finance programs to the extent permitted by law. To
COUIVCILMEIV Requested by Department of:
Yeas Nays
Butler [n Favor —
Hozza
Hunt
L,evine Against BY
Maddox
Showalter
Tedesco Form Approved by City Attorney
Adopted by Council: Date �
Certified Passed by Council Secretary BY ''
By
Approved by Mayor: Date Approved by Mayor for Submission to Council
By By
.
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the extent permitted ��aw, the biay�or�may designate the
I3ousing and Redevelopment Authority of the City of St. Paul
(the "HRA") , an behalf of the City,_ or in con�unction with
the City, to implement an�of the City' s housinq finance
proqrams, and to issue xevenue bonds tr�erefor. If the HRA
is so desi qnated� it is hereby au— thor ed to exercise any
and all of the powers cahich the Piinnesota Housing Finance
Agency is authorized to exercise under the provisions af
P�linnesota Statutes, Chapter 462A, in the making or purchase
of loans and securities, in further,ance of the programs , and
in the issuance of revenue bonds or obligations pursuan��o
Cha�ter 260, Section 3, Laws for 1975. In the alternative,
if the HRA is not so designated, the City may exercise, within
the corporate limits of tne City, all such powers. Revenue
bonds or o ther obligations issued b� the City of St. Paul
or the HRA, or bothr sha11 first be authori�zed and approved
by the Ci.ty Council or the HRA, or both, as appropriate, and
shaZl be issued in accordance with the terms and prov�.s�ons
of applicable law or Charter provisions, including Chapter 881,
Laws for 1963, a� ar.iended; Chapter 351, Laws for 1975, as
amended; and Chapter 260 , Lacas tor 1975; and for such purpose,
the City Council, or the HRA, or both, may exercise, within tne
corporate limits of the City, any an all of the powers whi_ch
the �linnesota Housing Finance Agency is authori::ed to exercise
under �the prav�.sians of Minnesota Statutes, Chapter 4F2A.
� Sectiozi 3.
Section 6 of Ordinance Number 15975 (as am�nded by
Grdinance No. 16504) is hereby amended by deleting that Secticn
in its entiretv and substitutinc,� in lieu thereof the following:
Al1 loans issuea by the City shall be made only when
:i.t is firs�� determined that similar financing is not otherwise
available upon equivalent terms and conditions from private
lenders or, with respect to each loan a?�plicant, upon terrns and
conditions which are affordable by the applicant. For sucn latter
purpose, following receipt of loan applications a determination —
shall be madA by the City or on the City' s behalf that loan credit
;ur z�at t��: �f. h�u�.in, �� r_c�t a.vail�b?e f.rom nrivatc� lenclers
under terms and conditior.s which wi1T �ermit th� borrower to rent,
rehabi?_itate �-r acc.yu�re the houaing uY�zts at a rate which the
r.iarket will be able ana willing to pay or which is affordak.�lc by
the ap�licant; or, in the case of owner-occupied housing� that the
monthly principal�and interest payments will not be affordable by
the ap�licant based on such criteria as are deemed appropriate for
the particular program. Owner-occupied housing shall be priva�e
detached or attachad owner-occu�ied one, two, three or four-fam�l.y
dwelling unit, a townhouse d�eelling, or a dwelling unit under
condominium ownership (but not including a mobile home or trailer)
occupis�d or to be occupied by but one family alone, containi.ng
complete living facilities and facilities functionally related
and subordinate the.reto, and located within the geographic
boundaries cf the Cit�. In the event that the City shall prvvi�.�
housin�financ� assistance, the borrower shall be required to re�iay
the princi�al amount of the loan, together with inter�st� at a rate
. �� ����
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that wi11 be at leas� equal to the interest rate which the City
is required to pay on its bonds or other obligations. In
establishing loan repayments, the mayor shall endeavor to ensure
that the revenues received by the Gity wi_lI be sufficient to
retire the principal and interest on bonc�s issued to finance the
programs and also to pr�vide for the costs of administering the
loan.
� 5ection 4 .
Section 8 of Ordinance Number 15975 (as am�nded by
Ordinance No. 16504) is hereby amencle� by deleting that Section
in its entirety and substituting in lieu thereo� the following:
Frograms established by the mayor may prova.de loan
financing for new construction, acguisition and rehabilitation, or
acquisition of single fami.ly housing, multiple family housing,
townhouses, condominiums and apartments. The programs may also
provide for refinancing of existing indebtedness so that owners of
hausing units needing rehabilitation rnay then take advantage of
ex�.sting rehabilitation programs adr.iinistered by the City or other
agencies. The programs may also nrovide for extension of financing
for rehabilitation of existinc� housing units. Financing may �e .
provided to the Housing and Redevelo�Ment Authority of �he City
of Saint Paul, Minneso�a to be used by FIRA to construct housin5
on property owned by the HRA or the City for purposes of sale,
or may be used by the fiRA f.or the gurpose of rehabilitating
existi.ng housing used by the HRA ar the City. Proc�ram funds may
be used to finance acquisiti�n of land for housi�c� and fcr
construction of housing to the e�tent provided in the program guide-
lines adopted by the mayor. Proceeds received from the issuance
of general obli.gation bonds, revenue bonds and proceeds from the
City's general fund, including real estate taxes, shall be used,
in art, to provide housing finance assistance for housing to k�e
occupied primaril.y by persons of low arid moderate income.
Section 5. .
Section 9 of Ordinance Number 15975 (as amended by
�.r;,ir.an�;e ::::. ?G 5��� �s hereby amende�l by de leting that Section
in its entirety and substituting in lieu thereof �r.e �til.iowin5:
The mayor may provide temporary construction finaneing
and permanent financing upon satisfactory completion of eonstruction
or rehabilitation of the housing. In all cases of housing finance
assistance, the mayor may obtain a mortgage lien upon the land and
improvements. In the making of housing loans secured by first lien
mortgages, the mayor shall attempt to obtain Federal Housing
Administration insurarice, private mortgage insurance or a Veterans
Administration guaranty in all cases in which the value of the loan
exceeds 75� (or such other percentage as the mayor may determine)
of the value of the land and im�rovements. In the making of
housing l�ans not secured b� first lien mortSages, �e mayor
s'-Fia attem�t to obtain Federal HouSinct Administration in:;urance,
private loan insurance, or other sir.milar insur.ance zn all c�ses
in w ic ��rivate en ers ��ou o tain suc insu.rance. e riayor
may obtaa.n such other 1oan, mortgage or hazard ir.surance as may
.
, �������
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. 1 t�.���
be feasible and will better protect the interest of the City.
All loans made by the City shall comply with all applica}yle
federal and state la�as and requlations pertaining ther:eto,
including interest-rate limitations and full: disclosure require-
ments.
� . Section 6 .
Sectian 10 of Ordinance Nur,iber 15975 (as amended by
� Ordi,nance tso. 16504) is hereby amended by deleting that Section
in its entirety and substituting in lieu thereof the f.ollowa.ng:
The proceeds from the sale of general obligation bonds
and from reveriue bonus issued for the programs authoriz�d by this
ordinance shall each be placed in a separate fund which may be
held by a trustee under a trust indenture ar bond resolution; '
monies placed in these two fUnds may be transferred or disbursed
to a fund which will combine these sources with other sources to
accomplish the City's Housing and Rehabilitation Finance Programs;
and housing finance loans and mortgage credits may be made from
this combined fund. The general obligation bonc�s issued under thi.s
ordinance may be retired in accordance �aith the City's normal
funding process for general obligation bonds . Revenue bonds or
revenue obligations issued far these programs �hall be retired
solely from all or the rever_ue sotirces of the programs author�_zed
by Chapter 260 , La�•;s of 1975, as deiined and pledged to the:i.r
r.�na�.�m�r..fi i.n t'?Pi.r resp�ct i�T� ����� �:AC�1_����nr,s; �,° indentu.r��;;
and a separate sinkinq fund or funds and such. other funds or accounts
as may be appropriate shall be established for the accounting of
the revenues and re�irement of these revenue bonds by the bon.d
resolution or inclenture pertaining to such revenue bonds.
Section 7.
Section 11 of Ordinance Number I5975 (as amended by
� Ordinance No. 16504) is hereby amend�d by deleting that Section
in its entirety and substituting in lieu thereof the following:
The foregoing provisions of this Ordinance, �na the -
provisions af this Section 31, sha11 consta.tute the regulations
required for the program atithorized by Chaptez 26G, Laws of 1°75.
Tn develo�ing and administering the pragram, the mayor shall .
consider:
(a) The availability and affordability of other_ �
governmental programs;
(b� The availabil.ity and affordability of privat�
market financing for mortgage loans and
rehabilitation loans;
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(c) Whether refinancing existing mortgages �vill
enable rehabilitation of housing units under a
federal, state or local housing rehabilitation
program; �
(d) The need for rphabilitat9.ng housing units acquired
from governr,iental bodies and agencies;
(e) The need for additional mortgage credit to encouragF
the purchase of housing units within the geographic
boundaries of the City, and the purchase of rehabili-
tated housing units from governmental bodies or
agencies;
(f) The need for additional mortgage credit to encourage
the nurchase of housing units which are located on
'. property which go�ernmental bodies or agencies have
acquired and made suitable for housing construction;
(g) The advisability of employing, or contracting for the
� services of, private mortgac�e market pers.ons or insti-
tutions to aid and assist the City in ca.rrying out
the purposes of this ordinance;
(h) The advisability and availability of mortgage pool �
insurance, special hazard insurance and other pool.
�.r. aa��re�a�e Minsurance to protect the inter_est of
the City in the loans, mortgages , and �.and aiid
improvements� financed pursuant ta tnis ordinance;
� (i) In determining that financing is not ottierwise
available from private lenders equivalent upon
terms and conditions or upon terms and conditions
which are affordable by loan applicants, such data as
may be available concerning the cost o� housing
w�.thin the City, the cost of maintaining and insuring
such housing, the cost of rehabi.litating such housix�g,
incomes of persons and families within the City, the _
rate of increase and cost of housing within the City,
and thA .rate of increase in the funds availahle to
persons anc3 families �•�ithin the Cit�J; dnd
i
(j) The advisability of special cr�iteria for re�evelo�i7ent
. areas, and for especially deteriorated structures,
which criteria may make financing available in
redevelopment areas , and for espec�ally deterioratec�
structures, without regard to incor,ie lir:iits; and
(k) The advisability of coordina�i:�r, sacz �=o:��G� o=
prograras with other City, state, federal and other
prograr�s to the end that all such programs shall
constitute a comprehensive program for achieving
the purposes of Chapter 260, Laws of 1975.
�WHITLR — CITV CLERK
PINK — FINANCE GITY OF SAINT PATTL Council �.-�
CANARY — DEPARTMENT
;E� .—�dAYOR File �O. ��� �
� Ordin�nce Ordinance N�. ! ��
Presented By
Referred To Committee: Date
Out of Committee By Date
The mayor shall formulate such criteria for submission to the City
Council for review and approval, in connection with any program or
programs undertaken pursuant to this ordinance and consistent with
the regulations promulgated hereunder as shall most effectively
carry out the purposes of this ordinance. Such criteria may be
contained in any agreement, contract, indenture, bond resolution,
or other instrument pertaining to such program or programs.
COU(VCILMEIV Requested by Department of:
Yeas Nays
�� McMahon � In Favor
Hozza
Hunt
L,evine a Against BY
Maddox �
Sh ter
edesco
Ad ed by Coun ' . Date g�T �. � 1919 Form Approved by City Attorney
Certified P sed by ounc' ecre,Yary BY ' '
t
A by Mayor: Da � 0 C�' 2 5 1979 App by Mayor for Submis uncil
�
B sy
pt�eLiSHEb N OV � i979
....,..�,��::r,. �c�5�a ��
- _�_°�=�„` °=,:;� CITY OF SAINT PAUL
' ~� '"" ' �� OFFICE OF THE CITY ATTORNEY
_4 � _�,
5 p �.'
�� IIll�lll�lf; >'D
'<: �-1—L �= EDWARD P. STARR, CITY ATTORNEY
� �••• ` 647 City Hall,Saint Paul,Minnesota 55102
.>.��.,•;�.,,.���'.
GEORGE LATIMER 612-298-5121
MAYOR
<-- `
�� �'c�3'n. �,..
.�,:�,
October 12 , 19 79
To: oun i 1 embe rs
Fr � . i rt
Re : An Administrative Ordinance, City of Saint Paul
Housing and Rehabilit�tion Finance Program
The referenced proposed Ordinance is scheduled for its third
reading on Tuesday, October 16 , 1979. PED staff, bond counsel and
this Office recommend City Council consideration and adoption of
tizree amendments set forth in the attachment.
cc: City Clerk
v
. �O
AN ADMI:vISTRATIVE ORDINAIJCE ADOPTED PURSUAIJT
^10 CHAPTER 260, LAWS OF MIi�TNESOTA FOR 1975 ,
AMEVDING ORDINANCE N0. 15975 (AS AMENDED BY
ORDIIQANCE N0. 16504) AND PROMULGATING REGULA-
TIOP3S FOR THE CITY'S HOUSIiJG AND REHABILITA-
TIOt1 FINA�'VCE PROGRAM
Councilmember moves to amend the proposed
Administrative Ordinance as - follows :
1. Insert as Section 2
"Section 4 of Ordinance Number 15975 (as amended by
Ordinance No. 16505) is hereby amended by deleting
that Section in its entirety and substituting in
lieu thereof the following:
"Subje'ct to the approval of the City Council,
the Mayor may employ the services of "the
Minnescta Housing Finance Agency for the
purpose of aiding in the implementation of
the City' s housing finance programs to the
extent permi.tted by law. To the extent
permitted by law, the Mayor may designate
the Housing and Redevelopment Authority of
the City of Saint Paul, Minnesota (the "HRA") ,
on behalf of the City, or in conjunction with
the City, to implement any of the City's
housing finance programs, and to issue revenue
bonds therefor. If the HRA is so designated,
it is hereby authorized to exercise any and
all of the powers which the Minnesota Housing
Finance Agency is authorized to exercise under
the provisions of Minnesota Statutes , Chapter
462A, in the making or purchase of loans and
securities , in furtherance of the programs , and
in the issuance of revenue bonds or obligations
pursuant to Chapter 260, Section 3, Laws for
1975. In the alternative, if the HRA is not so
designated, the City may exercise, within the
corporate limits of the City, all such powers.
Revenue bonds or other obligations issued by
the City of Saint Paul or the HRA, or both,
shall first be authorized and approved by the
City Council or the HRA, or both, as appropriate,
and snall be issued in accordance with the terms
and provisions of applicable law or Charter
provisions , including Chapter 881, Laws for 1963 ,
as amended; Chapter 351, Laws for 1975 , as amended;
' and Chapter 260, Laws for 1975; and for such
purpose, the City Council, or the HRA, or both,
may exercise, within the corporate limits� of the
City, any and all of the powers cahich the Minnesota
Housing Finance Agency is authorized to exercise
under the provisions of Minnesota Statutes ,
Chapter 462A. "
.
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2.
and
Renumber the remainir_g Sections accordingly.
2. In Section 2 (renumbered as Section 3) , the last two
sentences wherever the words "mortgage" or "mortgages"
appear, substitute the words "loan" and "loans"
therefor.
3. In the Title, delete the title and substitute in lieu
thereof the following:
"AN ADMINISTRATIVE ORDINANCE, CITY OF SAINT PAUL HOUSING
AiJD REHABILITATION FINANCE PROGRAM:
. - - � � o �
. '� ist �� � 2�a � I .
3rd —
Adopted d
Yeas Nays �
HOZZA
HUNT
LEVINE �����
. MADDOX
McMAHON
TIDESCO
PRESIDENT (SHOWALTER)
�
WHITE - CITV CLERK ��
PINK FINANCE
_ (�NAR'.�=� EPARTMENT COIIIlC1I
B�,�E,-+_�n�oR GITY OF �AINT PATTL ����'��'��_
. , File N O._ �
4'�� - OrGLZ�IZCI�IZCP. Ordinance N O.
t
Presented By '
w
Referred To Committee: Date
� �
Out of Committee`'$y Date
AN ADMINISTRATIVE ORDINANCE ADOPTED
PURSUANT TO CHAPTER 260, LAWS OF
MINNESOTA FOR 1975, AMENDING ORDINANCE
NO.� 15975 (AS At�lENDED BY ORDINANCE
NO. 1�504) AND PROMULGATING REGULATIONS
FOR THE \CITY'S HOUSING AND REHABILITATION
�. FINANCE PROGRAM.
`
`
THE COUNCIL OF THE CITY�F SAINT PAUL DOES ORDAIN:
�
ti
ti
a
Se ion 1.
Section 3 of Ordina ce Number 15975 (as amended by
Ordinance No. 16504) is hereby amended by deleting that Secta.on
in its entirety and substitutin in lieu thereof the following:
In the administration o the City's housing finance
programs, the mayor shall endeavor to make use of existing lending
institutions and staff, from tlie pr'vate and the government sector.
The mayor may employ all such necess ry staff, contract with public
or private institutions or persons an obtain materials, supplies,
equipment and office space as is in th judgment of the mayor
necessary for the administration of the programs and within the
funding appro�riations approved by the ' ty Council.
Section 2.
Section 6 of Ordinance Number 159 (as amended by
Ordinance No. 16504) is hereby amended by de� ting that Section
in its entirety and substituting in lieu ther of the following:
COUNCILMF,IV Requested by Department of:
Yeas Nays
Butler In Favor
Hozza
Hunt
Levine Against BY
Maddox
Showalter
Tedesco
Form Approve y City ttorn
Adopted by Council: Date
Certified Passed by Council Secretary BY �
By �
Approved by Mayor: Date Ap rov by Mayar for S is Counci
By B
- "'� , �6 t����
' \ All loans issued by the City shall be made only when it
is ' rst determined that similar financing is not otherwise
avail le u�on equivalent terms and conditions from private
lender or, with respect to each loan applicant, upon terms and
conditio s which are affordable by the applicant. For such
latter pu ose, following receipt of loan applications a
determinat on shall be made by the City or on the City's behalf
that loan c dit for that type of housing is not available from
private lende s under terms and conditions which will permit the
borrower to re t, rehabilitate or acquire the housing units at a
rate which the arket will be able and willing to pay or which is
affordable b th a licant; or, in the case of owner-occupied
housing, that the onthly principal and interest payments will not
be affordable by tn�e a�plicant based on such criteria as are
deemed appropriate \ r the particular program. Owner-occupied
h_�_o�u�_��s��i�ng shall be priv te detached or attached owner-occupied �one,
two�ree or four-fam ly dwelling unit, a townhouse dwelling,
or a dwelling unit unde condominium ownership (but not including
a mobile home or trailer ., occupied or to be occupied by but one
family alone, containing c�r.lplete living facilities and facilities
functionally related and su3�ordinate thereto, and located within
the geographic boundaries o�� the City. In the event that the City
shall provide housing finance�.assistance, the borrower shall be
required to repay the principa�. amount of the mortgage, together
with interest, at a rate that wi�ll be at least equal to the interest
rate which the City is required �'�o pay on its bonds or other
obligations. In establishing mor gage repayments, the mayor sha11
endeavor to ensure that the revenu�s received by the City will be
sufficient to retire thE principal �nd interest on bonds issued
to finance the prograr.is and also to �rovide for the costs of
administering the mortgages.
Section 3���
Section 8 of Ordinance Number \�5975 (as amended by
Ordinance No. 16504) is hereby amended by'deleting that Section
in its entirety and substituting in lieu t ereof the following:
Programs established by the mayor ay provide loan
financing for new construction, acquisition a d rehabilitation, or
acquisition of single family housing, multiple family housing,
townhouses, condominiums and apartments. The ograms may also
provide for refinancing of existing indebtednes� so that owners of
housing units needing rehabilitation may then ta�e advantage of
existing rehabilitation programs administered by the City or other
agencies. The programs may also provide for exten ion of financing
for rehabilitation of existing housing units. Fina cing may be
provided to the Housing and Redevelopment Authority f the City
of Saint Paul, Minnesota to be used by I�IRA to constr ct housing
on property owned by the HRA or the City for purposes of sale,
or may be used by the HRA for the purpose of rehabilit ting
existing housing used by the HRA or the City. Program unds may
be used to finance acquisition of land for housing and or
con.struction of housing to the extent provided in the pr gram guide-
lines adopted by the mayor. Proceeds received from the i suance
of general obligation bonds, revenue bonds and proceeds f m the
City's general fund, including real estate taxes, shall be used,
in part, to provide housing finance assistance for housing, o be
occupied primarily by persons of low and moderate income.
. - , d� d t)�C�
Section 4.
Section 9 of Ordinance Number 15975 (as amended by
Ordinance No. 16504) is hereby amended by deleting that Section
in �.ts entirety and substituting in lieu thereof the following:
\ The mayor may provide temporary construction financing
and pe�'manent financing upon satisfactory completion of construction
or reha�ilitation of the housing. In all cases of housing finance
assistan e, the mayor m� obtain a mortgage lien upon the land and
improveme ts. In the making of housing loans secured by first lien
mortgages, the mayor shall attempt to obtain Federal Housing
Administrat on insurance, private mortgage insurance or a Veterans
Administrati n guaranty in all cases in which the value of the loan
_ exceeds 75� ( r such other percentage as the mayor may determine)
of the value o the land and im�rovements. In the making of
housing loans nmt secured by first lien mortgages, e ma or
s a attempt to'�obtain Federal Housinq Administration insurance,
private loan insu�ance, or other sir.liZar insurance in all cases
in w ic rivate n ers wou o tain suc insurance. e mayor
may obtain such oth r loan, mortgage or hazard insurance as �nay
be feasible and will�better protect the interest of the City.
All loans made by the`�,City shall comply with all applicable
federal and state laws�and regulations pertaining thereto,
including interest-rate'`,limitations and full disclosure require-
�
ments. `�.�
Section 5.
Section 10 of Ordi ance Number 15975 (as amended by
Ordinance No. 16504) is hereb� amended by deleting that Section
in its entirety and substituti in lieu thereof the following:
The proceeds from the le of general obligation bonds
and from revenue bonds issued for �the programs authorized by this
ordinance shall each be placed in � separate fund which may be
held by a trustee under a trust ind�ture or bond resolution;
monies placed in these two funds may e transferred or disbursed
to a fund which will combine these so ces with other sources to
accomplish the City's Housing and Reha ' litation Finance Programs;
and housing finance loans and mortgage edits may be made from
this combined fund. The general obligat on bonds issued under this
ordinance may be retired in accordance wi h the City's normal
funding process for general obligation bon s . Revenue bonds or
revenue obligations issued for these progra s shall be retired
solely from all of the revenue sources of th . programs authorized
by Chapter 260, Laws of 1975, as defined and 'pledged to their
repayment in their respective bond resolutions�� or indentures;
and a separate sinking fund or funds and such �:ther funds or accounts
as may be appropriate shall be established for �e accounting of
the revenues and retirement of these revenue bon�s by the bond
resolution or indenture pertaining to such revenu� bonds.
Section 6.
Section 11 of Ordinance Number 15975 (as am nded by
Ordinance No. 16504) is hereby amended by deleting tha Section
in its entirety and substituting in lieu thereof the following:
. ���[ll 1�,t�
.
The foregoing provisions of this Ordinance, and the
' provisions of this Section 11, shall constitute the regulations
required for the program authorized by Chapter 260, Laws of 1975.
In develo�ing and administering the program, the mayor shall
consider:
(a) The availability and affordability of other
governmental programs;
(b) The availability and affordability of private
market financing for mortgage loans and
rehabilitation loans;
(c) Whether refinancing existing mortgages will
enable rehabilitation of housing units under a
federal, state or local housing rehabilitation
program;
(d) The need for rehabilitating housing units acquired
from governmental bodies and agencies;
(e) The need for additional mortgage credit to encourage
the purchase of housing units within the geographic
boundaries of the City, and the purchase of rehabili-
tated housing units from governmental bodies or
agencies;
(f) The need for ardditional mortgage credit to encourage
the nurchase of housing units which are located on
property which governmental bodies or agencies have
acquired and made suitable for housing construction;
(g) The advisability of�,employing, or contracting for the
services of, private mortgage market persons or insti-
tutions to aid and assist the City in carrying out
the purposes of this ordinance;
(h) The advisability and ava].lability of mortgage pool
insurance, special hazard insurance and other pool
or agqregate insurance to grotect the interest of
the City in the loans, mortgages, and land and
improvements, financed pursu�nt to this ordinance;
\ .
� (i) In determining that financing ��s not otherwise
available from private lenders �e uivalent upon
terms and conditions or u on te s and conditions
which are affordable by loan app ,' cants, such data as
may be available concerning the cd,st of housing
within the City, the cost of maint�ining and insuring
such housing, the cost of rehabilit�ting such housing,
incomes of persons and families with�n the City, the
rate of increase and cost of housing i�ithin the City,
and the rate of increase in the funds ``�available to
persons and families within the City; �nd
(j) The advisability of special criteria for `'redevelopment
areas, and for esnecially deteriorated st�zctures,
which criteria may make financing availabl in
redevelopment areas , and for especially deteriorated
structures, without regard to income limits; and
WHITE - CITV CLERK �
PINK - FINANCE � GITY OF SAINT� PAUL Council ^y.q�
' CANARV �DHPARTMENT .Dt Jt����
BLUE ; _�,,,,oR � File NO. � �
,i.. A�� i
Ordin�nce ordinance N 0.
Presented By `.
Referred To Committee: Date
Out of Committee By Date
(k) The�.�advisability of coordina�i:�g �ac.z �ro:;�a-� or
programs with other City, state, federal and other
progr�ms to the end that all such programs shall
consti�ute a comprehensive program for achieving
the purp.oses of Chapter 260, Laws of 1975.
The mayor shall forraulat� such criteria for submission to the City
Council for review and approval, in connection with any program or
programs undertaken pursuant to this ordinance and consistent with
the regulations promulgated hereunder as shall most effectively
carry out the purposes of this ordinance. Such criteria may be
contained in any agreement, contract, indenture, bond resolution,
or other instrument pertaining to such program or programs.
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COUNCILMEIV Requested by Department isf:
Yeas Nays
8�X McMahon
Hozza In Favor
Hunt
L.evine A gai nst BY
Maddox
Showalter
Tedesco Form Approved by City Attorney
Adopted by Council: Date
Certified Passed by Council Secretary BY
By
Approved by Mayor: Date Ap rov by Mayor for m ' n to CoiiYicil
BY BY
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