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City of Elk River Housing Plan Updated January 2003 <br /> • Funding is also available to assist homebuyers with down payment and closing cost assistance. <br /> Entry cost assistance can include local down payment assistance programs, employer assisted <br /> housing, and partnering to participate in the MHFA Entry Cost Homeownership Opportunity <br /> (ECHO) Program. <br /> Department of Trade and Economic Development <br /> Community Development Block Grant—Small Cities Development Program <br /> Local Units of Government are the applicant with the Local Unit establishing terms, target areas <br /> and uses. Eligible uses are acquisition and demolition, site improvement, rehabilitation, <br /> assessment abatement, down payment/closing costs, construction costs, and administration costs. <br /> Redevelopment Grant <br /> This program provides grants to development authorities (cities, counties, port authorities, <br /> HRAs, and EDAs)for land acquisition, demolition, infrastructure improvements,ponding, <br /> environmental infrastructure and other eligible redevelopment costs. Grants pay up to 50% of <br /> redevelopment costs for a qualifying site. <br /> USDA Rural Development <br /> Rural Housing Home Loan <br /> Provides fixed-rate loans to low to moderate income families for new or existing single-family <br /> • homes. <br /> 504 Program <br /> Provides low-income homeowners with loans or grants to make necessary improvements. <br /> Grants are only available for very low-income households, 62 years or older. <br /> Rural Rental Housing Loans <br /> Provides funds to build, purchase, and repair apartments along with rental assistance for low- <br /> incomes residents. <br /> Public Facilities Program <br /> Grants and low interest loans for public facilities <br /> Central Minnesota Housing Partnership <br /> The Central Minnesota Housing Partnership offers a broad range of housing services. The <br /> following are some samples of the programs and services they offer including: <br /> Home Rental Rehabilitation- CMHP administers these funds which are used to assist owners of <br /> affordable apartments make needed repairs on their buildings. <br /> Affordable Mortgage Products—CMHP now originates loans to better serve rural communities <br /> with affordable lending resources. CMHP works with local lenders to access more resources <br /> • resulting in the most affordable payments possible. <br /> 40 <br />