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INFORMATION <br />MEMORANDUM <br />TO: Housing Redevelopment Authority <br />FROM: Annie Deckert, Director of Economic Development <br />DATE: 1 August 2011 <br />SUBJECT:. Emergency Homeowners Loan Program (FRCP) <br />The Emergency Homeowners Loan Program is afirst-of--its kind program that offers up to <br />$50,000 in interest-free, forgivable loans to Minnesota homeowners in danger of foreclosure <br />due to involuntary unemployment, underemployment or medical issues. This loan will pay <br />back some back payments, fees .and provides monthly assistance with mortgage payments. <br />Eligible homeowners are selected through a lottery. In speaking with the MN <br />Homeownership Center, approximately 18 households from Elk River have applied for the <br />program. Of the 18 applicants, 16 are eligible for the program. <br />N:\Departments\Community Development\Economic Development\Housing\Foreclosure\Pxevention\8-1-I1 HRA Update.doc <br />