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Sherburne, Wrighty Stearns and lsanti Counties <br />BACKGROUND <br />In an effort to help quantify the needs of greater Minnesota communities identified as <br />eligible to apply for non-competitive funds as proposed in the Draft Minnesota Housing <br />"Neighborhood Stabilization Program Action Plan", Greater Minnesota Housing Fund <br />has completed a survey of community leaders and city staff in 9 cities in the following zip-codes <br />based on their identified eligibility to apply for funding. Communities include: Isanti (55040), <br />Big Lake (55309), Buffalo (553 13), Saint Michael (553 13), Elk River (55330), Otsego <br />(55330 and 55362), Monticello (55362), Princeton (55371) and Zimmerman (55398). <br />KEY FINDINGS <br />^ At least 1,042 current residential foreclosures in 9 communities (missing data). <br />^ Of these at least 150 homes in older core neighborhoods. <br />^ Approximately 856 homes and lots in new sub divisions <br />^ Approximately 68 partially constructed homes <br />^ Over 193 vacant properties <br />^ Impacts are diverse throughout identified communities and include the following <br />key issues and areas of local concern: <br />o Foreclosure concentrations in older core neighborhoods, dilapidated and <br />vacant homes, water damage, vandalism, and illicit use of abandoned <br />properties. <br />o Unfinished homes and foreclosed lots in newer partially developed sub- <br />divisions. <br />o Foreclosure impacts on rental properties that vary in size from <br />townhomes, duplexes, to small scale rental complexes where neighboring <br />units are occupied. <br />o Significant blighting effects caused by vacant homes and homes that have <br />suffered substantial damage from deferred maintenance and pipe-bursts. <br />o Homes vandalized by past owners in the wake of foreclosure and in need <br />of substantial rehabilitation to make homes marketable. <br />o Shift in for-sale units being converted to rental, and local interest in <br />exploring lease to own program models. <br />o Substantial devaluation of homes throughout a majority of communities <br />with examples exceeding 25% or more. <br />Communities Identified in Draft Minnesota Housing "Neighborhood <br />Stabilization Program Action Plan" as Eligible to Apply for Non-Competitive <br />Funds Based on Zip Codes <br />