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Housing and Redevelopment Minutes Page 6 <br /> October 7,2019 <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 /> 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 /> 9. Adjournment <br /> Chair Toth adjourned the meeting at 6:39 p.m. <br /> Minutes prepared by Jennifer Green. <br /> Tina Allard, City Clerk • <br /> Toth, <br /> Housing&Redevelopment Authority <br /> • <br />