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I~~~n <br />.ot <br />;lk <br />River <br />TO: <br />FROM: <br />DATE: <br />SUBJECT: <br />MEMORANDUM <br />Economic Development Authority <br />Housing & Redevelopment Authority <br />Catherine Mehelich, Director of Economic Development~~~ <br />December 13, 2010 <br />EDA/HRA Executive Director's Report <br />The purpose of this periodic memorandum is to keep the EDA and HRA informed of <br />various ongoing activities that often go on behind the scenes in the Economic Development <br />Division. EDA and HRA Coxmnissioners should feel free to bring up any questions or <br />issues fox discussion under the "Other Business" section of the Agenda. <br />Foreclosure Initiatives <br />The strategies to address foreclosures in Elk River are 3-fold - 1) Prevention 2) Preserve & <br />Secure and 3) Recovery. Due to a fall through on the last application, a small amount of <br />funds remain available before officially closing out the program. Roughly $9,000 remains <br />available from the federally funded Neighborhood Stabilization Program giant and staff has <br />been communicating its availability to the xealtor community fox use on eligible down <br />payment assistance applications for the purchase of a foreclosed home in one of Elk River's <br />target neighborhoods. To date 11 households were provided down payment assistance <br />ranging fiom $5,000 to $14,999 (not including matching sources) as a result of the City's <br />NSP program. The neighborhoods assisted uicluded 5 homes in Elk River Station, 5 in <br />Trott Brook and 1 in Heritage Landing. <br />Staff has been conducting several outreach presentations with various community groups <br />regarding the City's strategies in addressing foreclosures as well as communicating resources <br />available through partner agencies like the MN Homeownership Centex and HOME Line. <br />Staff also continues to collect foreclosure data from the county and share information with <br />various city departments to monitor these neighborhoods and prevent issues arising fiom <br />vacant homes. This interdepartmental communication will be more important going into <br />the winter season to prevent water damage in foreclosed homes. <br />I~~I~~I C~ <br />~= ~ <br />