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BLIGHTED PROPERTIES DEMOLITION& <br /> FORGIVABLE RESIDENTIAL LOAN PROGRAM POLICY <br /> INTRODUCTION <br /> PURPOSE/BACKGROUND: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 /> 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 /> FUNDING AVAILABILITY: Available funding amounts vary per budget cycle. <br /> DEADLINES/REQUIREMENTS: The Blighted Properties Demolition&Forgivable <br /> Residential Loan Program operates on a semi-annual application cycle. Applications are due <br /> February 1 and August 1 of each year. Completed applications and supporting <br /> documentation(3 copies)must be received by the city of Elk River by 4:30 p.m.on the due <br /> date to be considered for funding. An applicant may apply for more than one project,but an <br /> individual(separate)application must be completed for each site. NOTE:Electronic copies <br /> will not be accepted in place of paper. Please fill out the entire application. All <br /> applications must be complete upon submission in order to qualify for a loan. <br /> APPLICATION FEE:The applicant must submit an application fee of$4&100 at the time <br /> of submittal. <br /> QUALIFYING PROJECTS: A project qualifies for a loan if the following conditions are <br /> met: <br /> 1. Upon completion of the project,the property and structures will be owner-occupied <br /> dwellings; <br /> 2. The structures constitute a threat to public safety because of inadequate maintenance, <br /> dilapidation,obsolescence,or abandonment; <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 /> 5. The structure must be defined per MN State Statue 117.025,Subdivision 7 as <br /> "structurally substandard". "Structurally substandard"means a building: <br /> (1)that was inspected by the appropriate local government and cited for one or more <br /> enforceable housing,maintenance,or building code violations; <br /> 1 <br />