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Summary <br />The Neighborhood Stabilization Program provided emergency assistance to states and local <br />governrnents to target areas within communities with a high concentration of foreclosures, <br />high percentage of homes financed by subprime mortgage and areas identified as likely to <br />face a significant rise in the rate of foreclosures. Because of this program, the Elk River <br />HRA was able to obligate $168,370.52 in funding and assist eleven homebuyers in the <br />purchase of a home they may not be able to otherwise afford, and acquire and redevelop a <br />property that may have not otherwise have sold without the funding. Implementing this <br />program allowed the HRA to assist in stabilizing three neighborhoods throughout the <br />community with a high concentration of foreclosures as well as placed people into these <br />vacant homes; providing investment into the housing community. <br />Next steps <br />Staff continues to receive foreclosure data and will continue to promote new and existing <br />foreclosure resources and housing financial programs to the community. <br />N:\Departments\Community Development\Economic <br />Development\Housing\Foreclosure\N SP\Memos\6.7.10. doc <br />