INFORMATION HRSR 05-03-2010 - Laserfiche WebLink

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1FC~~tMl4~T6t~ ver MEMORANDUM TO: Economic Development Authority Housing & Redevelopment Authority FROM: Catherine Mehelich, Director of Economic Development DATE: April 12, 2010 SUBJECT: Executive Director's Report The purpose of this periodic memorandum is to keep the EDA and HRA informed of various ongoing activities that often go on behind the scenes in the Economic Development Division. EDA and HRA Commissioners should feel free to bring up any questions or issues for discussion under the "Other Business" section of the Agenda. Foreclosure Initiatives The strategies to address foreclosures in Elk River are 3-fold - 1) Prevention 2) Preserve & Secure and 3) Recovery. A great amount of staff time has been spent implementing the Neighborhood Stabilization Program (NSP) with Tri-CAP and MN Housing Finance Agency in accordance with the NSP guidelines. The HRA has deployed roughly 50% of the awarded $593,820 of federal funds. The balance was recently de-obligated by MHFA and distributed to communities in greater need. To date 6 households have been provided down payment assistance ranging from $5,000 to $14,999. The HRA is able to continue administering the program in eligible neighborhoods with its fund balance. Staff continues to market the program through the newspaper, website and realtor community. Staff also continues to collect foreclosure data from the county and share information with various city departments to monitor these neighborhoods and prevent issues arising from vacant homes. Business Retention/Expansion Visits Over the past year staff has made multiple contact with the manufacturing businesses and continues to schedule visits with EDA Commissioners when possible. A separate update report on this item is included in the April 12, 2010 EDA packet.