08-03-2009 HRA MIN - Laserfiche WebLink

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Housing & Redevelopment Authority August 3, 2009 ----------------------------- Page 3 Ms. Deckert stated that staff recently completed a second mailing of foreclosure prevention brochures to local churches, banks, non -profits and businesses. She explained that staff has partnered with the North Metro Realtors Association to promote a Community Wide Open House, showcasing over 65 listed homes in the area. All NSP information and Elk River Housing Rehabilitation funding information will provided to realtors to share with potential homeowners at this event. She introduced Eric Myers, Director of Public Policy for the North Metro Realtors Association (NMRA). Mr. Myers stated that NMRA is located in Coon Rapids and has been in existence for over 50 years. The group represents 2,300 realtors in the North Metro area, which includes Anoka, Isanti, Sherburne, and parts of Kanabec and Mille Lacs counties. He stated that members of the association represent all aspects of commercial and residential real estate, as well as affiliate members including banks and title companies. Mr. Myers stated he serves on the NMRA Government Affairs and Public Policy Committee. He explained that Elk River Economic Development staff receives the 100 + Market Update Newsletter from NMRA. The current update shows a 21 percent drop in new listings, and increased closed sales. He explained that this means the supply and demand ratio is getting better. He noted that Elk River still has an above-average number of foreclosures. He stated that they are starting to see a turnaround in the market in Elk River, but they are still lagging in traditional sales compared to foreclosures. He stated this puts Elk River at a competitive disadvantage. Mr. Myers stated that the government affairs group meets once a month to come up with ideas to help the real estate market. He stated that theyhave found some cities that have not done anything and others cities that have gone way too far. He stated some cities are willing to do partnerships for NSP funding. He stated the group came up with the idea for the open houses to be proactive. He stated three of the cities chosen have above-average foreclosures (Elk River, Anoka and Coon Rapids), and Andover is average in foreclosures. Mr. Myers stated they applied for a $5,000 National Realtors Association (NRA) grant which they received on April 28. He stated that 91 open house were held in Coon Rapids in June, 75 in July in Andover, and they are looking at doing at least 50 in Elk River in August. He explained that the grant is foreclosure -based, but that the grant application states that the problem is not just foreclosures. He stated that the excessive inventory brings the prices down, so the goal is to move all inventory, by covering both sides of the market. Mr. Myers stated that through a strategic partnership with the city, they are able to promote this event. He encouraged all realtors in the city to hold as many open houses as possible. The open house in Elk River will be held August 161b, from 1— 4 p.m. Chair Wilson asked where information is available on the event. Mr. Myers stated that the information is available through the city's website, as well as the NMRA website, which provides all the listings, maps and information. Mr. Myers stated that when the last open house is completed in Anoka, the group will do a complete program evaluation, looking at what went well and what could be improved. He stated that they hope to do a wider area next year, holding the open houses on two weekends. He stated that planning for next year will begin in October so that they would be able to partner with cities and counties early on in the planning process. Mr. Myers stated that NMRA wants to be resource for the city and that there is a lot of good expertise within the group's membership. Commissioner Toth asked if foreclosed homes would be included in Elk River's open house. Ms. Deckert stated that would depend upon the inventory of local realtors that sign up for