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Housing and Redevelopment Minutes Page 6 <br />October 7, 2019 <br />----------------------------- <br />source was from the Coon Rapids Home Improvement Foundation, originally from the 70s <br />for a housing tax credit. It provided a low interest rate to borrowers and when the mortgages <br />were paid back, that money came back to the city. They currently have an $11M balance <br />available for properties in their city. <br /> <br />Ms. DeGrande discussed the Home for Generations grant program, which provides financial <br />incentives to homeowners who undertake large remodeling projects valued at $35,000 or <br />more. She stated financial incentives include a grant up to $5,000 and a rebate of 50% of the <br />building permit fees. She explained the average grant was approximately $2400 and the city <br />used approximately $180,000 in 2019 with over a million dollars overall leveraged in <br />improvements. She suggested deciding on what makes sense for the Elk River community <br />and create that “bolt of energy” that everyone can benefit from. She stated the unexpected <br />volume of applicants for the Front Door Grant Program was initially overwhelming but <br />became easier after they instilled a lottery process. <br /> <br />9. Adjournment <br /> <br />Chair Toth adjourned the meeting at 6:39 p.m. <br /> <br />Minutes prepared by Jennifer Green. <br /> <br /> <br />_____________________ <br />Tina Allard, City Clerk <br /> <br /> <br />_____________________ <br />Larry Toth, Chair <br />Housing & Redevelopment Authority <br /> <br />