CR 95-177 Authorize Application - Casa Mortage Funds For Westbrooke Neighborhood
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September 28, 1995
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Council Rpt #95-177
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AUTHORIZE APPLICA nON - CASA MORTGAGE FUNDS FOR THE WESTBROOKE
NEIGHBORHOOD
ProDosed Action
Staff recommends approval of the following motion: Authorize staff to submit application for the
Community Activity Set Aside (CASA) program for the Westbrooke neighborhood of Hopkins.
With this motion, the application will be finalized and submitted to the Minnesota Housing Finance Agency
(MHFA) for their review.
Overview
Encouraging home ownership in the Westbrooke neighborhood is a goal of the City of Hopkins, as well as
the condominium and patio home associations which make up the neighborhood. Additionally, FHA has
raised concerns about t he owner-occupancy levels at Meadow Creek] the largest Westbrooke
condominium association] and has asked the City to encourage owner-occupancy. Affordable mortgage
funds is one tool which can be used to provide an incentive for homebuyers to consider the Westbrooke
neighborhood and help to lower their housing costs.
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Because the City of Hopkins' 1995 allocation offirst time home buyer funds through.MHFA has been
expended, staff recommending that the City apply for $800,000 in lower-interest mortgage funds for the
Westbrooke neighborhood through the CASA program. The CAS A program provides a set-aside of
mortgage funds to be used for a particular community need. The funds need to be targeted to a particular
neighborhood or population group.
To apply for the CASA funds, the City must co-apply with a qualified lender. Norwest Mortgage has
expressed t.heir interest in being the co-applicant with the City. Staff is also considering the participation of
other area lenders.
Primarv Issues to Consider
o What is the impact of this program?
The program benefits the neighborhood by encouraging home buyers to consider this neighborhood due to
it's affordability. The mortgage funds are loaned at 6.5% interest and the program also incorporates down
payment or closing cost assistance. Since the mortgage funds are delivered through a private lender, there is
little staff time required to offer the funds.
SUDDortim! Information
o CASA Application
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CITY OF HOPKINS
APPLICATION FOR FUNDING - CASA I
I. APPLICANT INFORMATION:
Participating Lender:
Co- Applicant:
Norwest Mortgage
1011 First Street South
Hopkins, MN 55343
City of Hopkins
1010 First Street South
Hopkins, MN 55343
Nancy Rasmussen
612/939-9066
Kersten Elverum
612/939-1395
II. SET-ASIDE INFORMATION:
Amount Requested: $800,000
Estimated Number of Loans: 18
ill. PROJECT/INITIA TIVE INFORMATION:
The Westbrooke neighborhood of Hopkins is comprised of 1,296 units of condominiums
and patio homes, representing 13% of the City's total housing stock. The condominiums
were originally constructed in the early 1970's as apartments and converted to
condominiums between 1980 and 1983. The patio homes, similar in nature to townhomes,
were constructed in the early 1970's for home ownership. Owner occupancy levels within
the five associations vary from 5% to over 70% owner-occupied.
The trend in recent years has shown an increase in owner-occupancy levels and well as a
stabilization of property values. The City of Hopkins, as well as the Westbrooke
associations, have made it a goal to continue to raise the level of owner-occupancy.
Providing affordable mortgage funds, combined with the Homeownership Assistance
Fund, is key to promoting homeownership in this neighborhood.
Approximately two months ago, City staff, local lenders and real estate agents, and a
representative of Community Action for Suburban Hennepin (CASH), met to discuss ways
in which owner-occupancy levels could be increased in the Westbrooke neighborhood.
From this meeting, a plan to secure affordable mortgage financing, provide homebuyer
workshops, and market the neighborhood was developed,
.
CASH, a HUD approved Housing Counseling Agency, has scheduled the home buying
workshops which will be covering topics such as qualifying for a mortgage, the real estate
transaction and the responsibilities of homeownership. The workshops are open to the
general public, but will be specifically marketed to Westbrooke area renters who are
interested in purchasing a home in this neighborhood.
The CASA mortgage funds are needed to assure that those who participate in the work
shops have affordable mortgage financing available and are critical to the success of the
overall strategy to increase owner -occupancy levels.
IV. ECONOMIC VITALITY:
According to real estate sales recorded with Hennepin County, there were 55 sales of
properties in the Westbrooke condominium and patio home neighborhood during a nine
month period from October 1994 to June 1995. The combined sales price of these 55
units was $2,440,900 or $44,380 per unit.
It is anticipated that a similar number of sales will occur over the next nine month and that
at least one third of the sales will be utilizing the mortgage financing through the CASA
program. Therefore, the City of Hopkins and Norwest Mortgage are requesting 800,000
in CAS A funds.
tit V. NEW CONSTRUCTION:
There will be no new construction.
VI. CERTIFICATION AND SIGNATURE:
The undersigned hereby certifies that the information contained herein is true and correct.
name
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Date
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CITY OF HOPKINS
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MEMORANDUM
DATE:
TO:
FROM:
RE'
September 28, 1995
Honorable Mayor and City Council Members
Kersten Elverum, Housing Coordinato~~^ r
1995 Hopkins Community Image Awar~~
Twelve nominations for the 1995 Hopkins Community Image Awards (HCIA) were received and judged by
the HCrA Review Committee. The Committee recommended seven properties for awards, and they are as
follows:
Co mmerciallInd ustrial/Office:
Abels Restaurant
802 Mainstreet
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Metro Elevator, Inc.
1721 Mainstreet
Eddie Robbins Auto Cleaners
62 6th Avenue South
Multi-familv Residential:
Greenfield Apartments
920 Feltl Court
Sinele-familv Residential/Individual:
Jay and Jo Thompson
201 6th Avenue North
Connie Kurtz
124 14th Avenue North
Kristian and Susan Anderson
209 8th Avenue North
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Honorable mention was given to Hopkins Best Steak House, Feste Automotive, Hopkins Plaza Apartments
and Ron and Gail Klimmek.
Attached are the nominations for these properties. Along with a plaque which will be presented at the
October 3, 1995 Council meeting, the recipients will have a tree planted in their honor on public property.
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HOP1(]::NS COHKtrN:r't't IHAGE AWARD
N()XmAT:IONrOlUl
The Hopkins community Imaqe Awar~ recognizes, individuals and
businesses 'who have made a visual 'improvement to their
property or have demonstrated continued superior maintenance
of their property, which in turn has a significant positive
impact on the imaqe of 'the City ~f Hopkins.
Address of property Nomxhated: i'()~ (1,,:":"'" s-C,<:,c= e:t
HOpki~s, MN' 55343
Name of owner(s):
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owner"s Address (if
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phone # '1.3 r- 0 <Jk1J.
Category of Property:
vi Commer c'i a 1/ Industrial/Off ice
Multi-family Residential,
single~familyResidential
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Describe Why This Property Deserves a 'H~pkins COnutl:unity
Image Award (USe back if neces,sary). You may attach before
anfafter pictures. " " "
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Nomination Submitted By (optional):. ~
Name Date ~/;$~/9 ;\
Return ~ompleted nomination form to:
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city of Hopkins
1:010 First street South
, Hopkins, MN 55343
Attention: community Development
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HOPKINS COMMUNITY IMAGE AWARD
NOMINATION FORM
The Hopkins Community Image Award recognizes individuals and
businesses who have made a visual improvement to their
property or have demonstrated continued superior maintenance 1~ ~
of their property, which in turn has a significant positive ~
impact on the image of the city of Hopkins. ~e ~ ~~a-..-C ....
Address of Property Nominated: C~ 'i ' C(.. a-.-' ~ 1Y!~~
Hopkins, MN 55343
Name of Owner(s) :
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Owner's Address (if
different than above)
phone # l' .3 ..$- c) s.>- <./
Category of Property:
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MUlti-family Residential
single-family Residential
Describe Why This Property Deserves a Hopkins Community
Image Award (use back if necessary). You may attach before
and after pictures.
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Nomination Submitted By (optional):
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Return completed nomination form to:
city of Hopkins
1010 First Street South
Hopkins, MN 55343
Attention: Community Development
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HOPKINS COMMUNITY IMAGE AWARD
NOMINATION FORM
The Hopkins Community Image Award recognizes individuals and
businesses who have made a visual improvement to their
property or have demonstrated continued superior maintenance
of their property, which in turn has a significant positive
impact on the image of the City of Hopkins.
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Address of Property Nominated:
Hopkins, MN 55343
Name of Owner(s): 1
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Owner's Address (if
different than above)
phone #
Category of Property:
L~ Commercial/Industrial/Office
MUlti-family Residential
Single-family Residential
Describe Why This Property Deserves a Hopkins Community
Image Award (use back if necessary). You may attach before
and after pictures.
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Nomina~~on Submitted ~y (optional):
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Name
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Date
Return completed nomination form to:
city of Hopkins
1010 First Street South
Hopkins, MN 55343
Attention: Community Development
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HOPKINS COMMUNITY IMAGE AWARD
NOMINATION-FORM
The Hopkins Community Image Award recognizes individuals and
businesses who have made a visual improvement to their
property or have demonstrated continued superior maintenance
of their property, which in turn has a significant positive
impact on the image of the City of Hopkins.
Address of Property Nominated: Cod. ~+Yj Ave.- S
Hopkins, MN 55343
Name of Owner(s) : ,
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Owner's Address (if
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Category of Property:
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MUlti-family Residential
Single-family Residential
phone # q2,S -.3/po3
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Describe Why This Property Deserves a Hopkins Community
Image Award (use back if necessary). You may attach before
and after pictures.
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Nomination Submitted By (optional):
Name
Date
Return completed nomination form to:
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City of Hopkins
1010 First street South
Hopkins, MN 55343
Attention: Community Development
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HOPKINS COMMUNITY IMAGE AWARD
NOMINATION FORM
The Hopkins Community Image Award recognizes individuals and
businesses who have made a visual improvement to their
property or have demonstrated continued superior maintenance
of their property, which in turn has a significant positive
impact on the image of the City o~Hopki9s.. A~,
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Address of Property Nominated: ?o?o ~~~~~(/~
Hopkins, MN 55343
Name of Owner(s):
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Owner's Address (if
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Single-family Residential
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Describe Why This Property Deserves a Hopkins community
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Nomination Submitted By (optional):
Name
Date
Return completed nomination form to:
City of Hopkins
1010 First street South
Hopkins, MN 55343
Attention: Community Development
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HOPKINS COMMUNITY IMAGE AWARD
NOMINATION FORM
The Hopkins Community Image Award recognizes individuals and
businesses who have made a visual improvement to their
property or have demonstrated continued superior maintenance
of their property, which in turn has a significant positive
impact on the image of the City of Hopkins.
Address of Property Nominated: ;(0/ 4? r:.!J /f1J'<', It!
Hopkins, MN 55343
Name of Owner(s):
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Owner's Address (if
differen~ than above)
Category of Property:
Commercial/Industrial/Office
MUlti-family Residential
Single-family Residential
phone #
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Describe Why This Property Deserves a Hopkins Community
Image Award (use back if necessary). You may attach before
and after pictures.
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Name Date
Return completed nomination form to:
City of Hopkins
1010 First street South
Hopkins, MN 55343
Attention: Community Development
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HOPKINS COMMUNITY IMAGE AWARD
NOMINATION FORM
The Hopkins Community Image Award recognizes individuals and
businesses who have made a visual improvement to their
property or have demonstrated continued superior maintenance
of their property, which in turn has a significant positive
impact on the image of the City of Hopkins.
Address of Property Nominated:
U.4 - It+!n me..- N ,
Hopkins, MN 55343
Name of Owner(s):
Owner's Address (if
different than above)
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phone #
Category of Property:
Commercial/Industrial/Office
Multi-family Residential
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Describe Why This Property Deserves a Hopkins Community
Image Award (use back if necessary). You may attach before
and after pictures.
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Name Date
Return completed nomination form to:
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city of Hopkins
1010 First street South
Hopkins, MN 55343
Attention: community Development
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HOPKINS COMMUNITY IMAGE AWARD
NOMINATION FORM
The Hopkins Community Image Award recognizes individuals and
businesses who have made a visual improvement to their
property or have demonstrated continued superior maintenance
of their property, which in turn has a significant positive
impact on the image of the City of Hopkins.
c?~1 y~ #(/c- II
Hopkins, MN 55343
Address of Property Nominated:
Name of Owner(s):
S t1 Soli f7 I ~/is -h a r;
-IhJe;r5~1j
Owner's Address (if
different than above)
phone #
Category of Property:
Commercial/Industrial/Office
MUlti-family Residential
v/ Single-family Residential
.
Describe Why This Property Deserves a Hopkins Community
Image Award (use back if necessary). You may attach before
and after pictures.
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Nomination Submitted By (optional):
Date
Name
Return completed nomination form to:
.
City of Hopkins
1010 First Street South
Hopkins, MN 55343
Attention: Community Development