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INFORMATION <br />MEMORANDUM <br />TO: Housing Redevelopment Authority <br />City Council <br />FROM: Annie Deckert, Director of Economic Development <br />DATE: June 4, 2012 <br />SUBJECT: Foreclosure Prevention Initiative Update <br />In 2009, staff developed three strategies to stabilize and improve the city's housing stock by <br />offering prevention initiatives to decrease the number of foreclosed homes, keeping homes <br />well maintained and transitioning foreclosed homes back into homeownership as quickly as <br />possible: <br />Prevention <br />To prevent foreclosures through free foreclosure prevention counseling (through the <br />MN Home Ownership Center) and a public outreach and information campaign <br />Preserve & Secure <br />Partner and coordinate with city staff and Elk River Municipal Utilities (ERMU) to <br />identify and secure these properties by using a centralized communication system to <br />track vacant and foreclosed homes, avoiding duplication of staff efforts <br />Recoverv <br />Revitalize properties and provide other applicable assistance to quickly make homes <br />home-owner ready by remediating impacts to neighborhoods (Through the HRA's <br />application for Neighborhood Stabilization Program (NSP) Foreclosure Recovery <br />Funds) <br />Economic development staff partnered with the county, Elk River Municipal Utilities and <br />other city departments to create a comprehensive foreclosure tracking spreadsheet to <br />manage foreclosed and vacant property data. Through this, we are able to ensure these <br />homes are prepared for winter (water shut-offs, electric shut-offs, etc.). In addition, the <br />Police Department is able to ensure vacant homes are secure, maintained, and patrolled as <br />necessary. <br />~QMf EKED 6Y <br />H~ <br />