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<br />of <br />~~ <br />. ti~ <br />aver <br />MEMORANDUM <br />TO: Housing & Redevelopment Authority <br />Mayor & City Council <br />FROM: Annie Deckert, Economic Development Assistant <br />DATE: March 2, 2009 <br />SUBJECT: Update on Elk River's Foreclosure Initiatives <br />The purpose of the memo is to advise the HRA & Council on efforts to coordinate the <br />city's response to foreclosure issues per the Mayor's request at the January 26~', 2009 HRA <br />meeting. <br />BACKGROUND <br />At the January 26`~ meeting of the HRA, the Mayor requested City departments to work <br />together on a process to track abandoned homes. She stated it is imperative to do so to <br />ensure the water is shut off and the home is winterized to prevent the home from being <br />damaged and try to avoid vandalism from occurring. <br />Below is a chart depicting the number of foreclosed homes in Elk River from 2006- <br />present. The '09 number is only for the month of January. A verbal update of '09 <br />foreclosures as of the end of February, will be given at the meeting. <br />ELK RIVER FORECLOSURES 2009 2008 2007 2006. <br />TOTAL 14 229 176 86 <br />% OF SHERBURNE COUNTY <br />TOTAL <br />23 ~ <br />25 ~ <br />27% <br />24% <br />FORECLOSURE INITIATIVES <br />Staff has developed three strategies to stabilize and improve the city's housing stock by <br />offering prevention initiatives to decrease the number of foreclosed homes, keeping homes <br />well maintained and transitioning foreclosed homes back into homeownership as quickly as <br />possible. <br />