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Housing and Redevelopment Minutes Page 2 <br />March 6, 2017 <br />----------------------------- <br />7.1 Rehabilitation Loan Program Update <br /> Ms. Othoudt provided an update as outlined in her staff report. <br />8. Announcements <br /> <br />There were no announcements. <br />The HRA recessed at 5:37 p.m. and reconvened in work session at 5:41 p.m. <br /> <br />9.1 HRA Rehab Loan Program Ï Targeted Area <br /> <br /> Ms. Othoudt presented the staff report. She stated she received <br />at 18299 Boston Street inquiring about the rehabilitation loan program. She explained the <br />home is just outside of the targeted area. She indicated the HRA could expand the targeted <br />area or the program could be opened up to the entire city and funding could be limited <br />based on certain criteria. <br /> <br /> The HRA discussed the benefits of maintaining the targeted area for now but expressed an <br />interest in reviewing the program again later this year. <br /> <br /> Ms. Othoudt suggested waiting until this summer when people want to do home <br />improvement projects to see if any additional loan inquiries are received. <br /> <br /> Commissioner Ovall concurred with Ms. Othoudt on waiting until June or July to discuss <br />again. He added the HRA earmarked funding for a specific area of the city and if the funding <br />is opened up alternative funding should be identified. He noted <br />program marketed to see if the programÔs response increases. <br /> <br /> Commissioner Toth expressed concern with setting a precedent if the program is extended <br />outside of the targeted area. <br /> <br />Consensus of the HRA was to limit the rehabilitation loan progra <br />area for now and to revisit later in the year. <br /> <br /> Ms. Othoudt stated there may be alternative funding available t <br />Housing Finance Agency (MHFA) for homeowners outside of the targeted area. She <br />indicated she will contact the MHFA to do a presentation for the <br />options. <br /> <br />9.2 Main Street Redevelopment Plan <br /> <br /> Ms. Othoudt presented her staff report. She stated she has spok <br />the property owners in the area and they are interested in selling their properties. <br /> <br />(Commissioner Kuester arrived at 6:05 p.m.) <br /> <br /> <br />