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program that includes Federal Housing Administration(FHA)insured 203(k)loans and <br /> mini-203(k)loans provided through approved mortgage lenders.Lenders such as Wells <br /> Fargo and Countrywide are currently marketing and implementing these home rehab <br /> improvement programs locally. <br /> D. Rehabilitation Loan Programs <br /> Brooklyn Park also promotes reinvestment in homes by working with partner <br /> organizations that provide home improvement loans to income eligible home owners. <br /> The Center for Energy and Environment(CEE)Financial Resources is a nonprofit home <br /> improvement lender and offers energy and improvement loans for owner occupants and <br /> rental owners. The EDA is working on a proposed city home rehab loan program, <br /> similar to the CEE's program, which will provide loans at lower interest rates to <br /> residents of Brooklyn Park.It is anticipated this program will be considered by the EDA <br /> in early 2008. <br /> E. Point of Sale Housing Inspection Program <br /> In 2007 the City of Brooklyn Park implemented a new Point of Sale Housing Inspection <br /> Program to ensure that residential properties are safe,clean and healthy. This program <br /> applies to all homes being sold in the city, including those in foreclosure, unless they <br /> have been issued a Certificate of Occupancy within the past five years.Current owners <br /> of foreclosed properties are responsible for the Point of Sale requirements when a <br /> property is being sold. <br /> IV. Summary <br /> Through these three primary strategies the City of Brooklyn Park seeks to comprehensively <br /> address and intervene at different points throughout the foreclosure process. First,prevent <br /> foreclosures through increased foreclosure prevention counseling and comprehensive <br /> outreach. Second, stabilize the city's housing by identifying foreclosed and vacant homes <br /> and properly securing them by working effectively and efficiently across departments. <br /> Finally, focus on the rapid rehabilitation of homes to transition properties back into stable <br /> owner occupancy as soon as possible. <br /> These foreclosure strategies will work to stabilize and improve the city's housing stock and <br /> keep homes healthy and well maintained while strengthening the livability of neighborhoods <br /> and the community overall. <br /> 6 February 2008 <br />