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Housing and Redevelopment Minutes Page 2 <br /> March 6,2017 <br /> 7.1 Rehabilitation Loan Program Update <br /> Ms. Othoudt provided an update as outlined in her staff report. <br /> 8. Announcements <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 /> 9.I HRA Rehab Loan Program —Targeted Area <br /> Ms. Othoudt presented the staff report. She stated she received a call from the homeowner <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 /> 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 /> 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 /> 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 he would like to see the <br /> program marketed to see if the program's response increases. <br /> Commissioner Toth expressed concern with setting a precedent if the program is extended <br /> outside of the targeted area. <br /> Consensus of the HRA was to limit the rehabilitation loan program to within the targeted <br /> area for now and to revisit later in the year. <br /> Ms. Othoudt stated there may be alternative funding available through the Minnesota <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 HRA on their funding <br /> options. <br /> 9.2 Main Street Redevelopment Plan <br /> Ms. Othoudt presented her staff report. She stated she has spoken to three out of four of <br /> the property owners in the area and they are interested in selling their properties. <br /> (Commissioner Kuester arrived at 6:05 p.m.) <br /> 1 <br />