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Item # 5 <br />t~ve r <br />MEMORANDUM <br />TO: Housing & Redevelopment Authority <br />FROM: Catherine Mehelich. Director of Economic Development <br />DATE: March 2, 2009 <br />SUBJECT: Update on Neighborhood Stabilization Program Application <br />Attachment <br />• Neighborhood Stabilization Program (NSP) <br />Background <br />At its January 26, 2009 special meeting the HRA authorized submittal of an application to <br />MN Housing Finance Agency for Neighborhood Stabilization Program (Foreclosure <br />Recovery) Funds in the amount of $593,820. The HRA's application includes the following <br />proposed program initiatives: <br />Downpayment assistance <br />Purchase & Rehabilitation of abandoned/foreclosed homes (buyer-driven) <br />Purchase & Rehabilitation of abandoned/foreclosed homes (entity-driven) <br />Update <br />The completed application was submitted to MHFA on January 28, 2009. The MHFA <br />Board is expected to meet February 26, 2009 to approve applicants, with formal <br />announcement of awardees the next day. Therefore, staff will provide a verbal update on <br />the status of the HRA's application at the HRA meeting. <br />Next Steps <br />Following application award, the next steps would include executing NSP funding <br />agreements, initiate federal requirements such as environmental review, and developing the <br />formal program implementation documents with Tri-CAP Agency. Staff anticipates <br />implementing the program Spring 2009. <br />