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Item #6. <br />fiver <br />MEMORANDUM <br />TO: Housing Redevelopment Authority <br />FROM: Annie Deckert, Economic Development Assistant <br />DATE: 6 December 2010 <br />SUBJECT: Housing Activity Update <br />Foreclosure Prevention <br />Staff spoke at a free community foreclosure forum held on Saturday, November 20`" at the Elk <br />River YMCA. Other speakers included Alan Sakry from Mortgages Unlimited and Jeff Engle from <br />Keller Williams Realty. Staff discussed the City's foreclosures initiatives and strategies, which <br />included the foreclosure tracking spreadsheet and provided information regarding the MN <br />Homeownership Center's (NINHOC) free foreclosure prevention counseling and MNHOC's Look <br />Before You Leap foreclosure scam education campaign. <br />Staff will be speaking at second community foreclosure forum with Mr. Sakry and Mr. Engle (date <br />TBD) and has been asked to speak at an upcoming Three River's Area Citizens League lunch in <br />January 2011, along with Ed Nelson from MNHOC. <br />Staff has also attended a breakfast at Central Lutheran Church, and shared information regarding <br />foreclosure prevention and housing rehabilitation programs. <br />Multi-family Housing Crime Prevention Program <br />To build relationships with and educate rental property owners about rental rehabilitation <br />programs available, staff has worked closely with the Elk River Police Department and has begun <br />attending the PD's monthly multi-family housing crime prevention program meetings. Staff <br />distributed housing tool-kit brochures and has provided information regarding available programs <br />and utility rebates. <br />Neighborhood Stabilization Program (NSP) <br />In January of 2009, the HRA received nearly $600,000 in NSP Funds to help address foreclosures <br />in our community. To date, twelve income eligible applicants have received down payment <br />assistance to purchase foreclosed homes and the HRA has acquired, rehabbed and sold one home <br />to an income eligible buyer. <br />The last down payment assistance applicant has been in the process of purchasing a foreclosed <br />home for the last six months. Unfortunately, the applicant has been unable to obtain financing; <br />therefore there is approximately $9,000 of NSP dollars available for down payment assistance. <br />Staff will be working with local realtors and lenders to market the remaining funds. <br />