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<br /> <br />BLIGHTED PROPERTIES DEMOLITION & <br />FORGIVABLE RESIDENTIAL LOAN PROGRAM POLICY <br /> <br />INTRODUCTION <br /> <br /> <br />PURPOSE/BACKGROUND: <br />The city of Elk River Housing and Redevelopment Authority <br />(HRA) has developed a program to meet the untapped need for assistance with demolition and <br />other redevelopment activities when either there is no current development plan or where future <br />development visions are hindered by current blight. <br /> <br />In some cases, despite a potential for future redevelopment, hazardous conditions or other public <br />safety factors may become a community’s immediate concern. Securing and maintaining vacant <br />dilapidated structures is costly. Therefore, the Elk River HRA has created the Blighted <br />Properties Demolition & Forgivable Residential Loan program to include loan funds for <br />demolition activities when an imminent redevelopment opportunity does not currently exist. <br /> <br />FUNDING AVAILABILITY: <br /> Available funding amounts vary per budget cycle. <br /> <br />DEADLINES/REQUIREMENTS: <br /> The Blighted Properties Forgivable Residential Loan <br />Program operates on a semi-annual application cycle. Applications are due February 1 and <br />Completed applications and supporting documentation (3 copies) <br />August 1 of each year. <br />by 4:30 p.m <br />must be received by the city of Elk River . on the due date to be considered for <br />funding. An applicant may apply for more than one project, but an individual (separate) <br />NOTE:Electronic copies will not be accepted <br />application must be completed for each site. <br />Please fill out the entire application. All applications must be <br />in place of paper. <br />complete upon submission in order to qualify for a loan. <br /> <br />APPLICATION FEE: <br />The applicant must submit an application fee of $100 at the time of <br />submittal. <br /> <br />QUALIFYING PROJECTS: <br />A project qualifies for a loan if the following conditions are <br />met: <br /> <br /> <br />1.Upon completion of the project, the property and structures will be owner-occupied <br />dwellings; <br /> <br />2.The structures constitute a threat to public safety because of inadequate maintenance, <br />dilapidation, obsolescence, or abandonment; <br /> <br />3.The structures are not listed on the National Register of Historic Places; <br /> <br />4.Upon completion of the demolition, the HRA reasonably expects that the property will be <br />improved and these improvements will result in economic development benefits to the <br />municipality. <br /> <br />ELIGIBLE APPLICANTS: <br />Eligible applicants for this program must be the owner of the <br />property at the time of the application or before disbursement of funds. <br /> <br />ELIGIBLE PROGRAM COSTS: <br /> The Demolition Loan Program can pay up to 75,000 of <br />1 <br /> <br />