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Request for Action <br />To <br />Item Number <br />Housing and Redevelopment Authority <br />4.12 <br />Agenda Section <br />Meeting Date <br />Prepared by <br />Consent A enda <br />February 6, 2017 <br />Amanda Othoudt, EDD <br />Item Description <br />Reviewed by <br />Neighborhood Stabilization Program Satisfaction of <br />Cal Portner, City Administrator <br />Reviewed by <br />Repayment Agreements. <br />Action Requested <br />Approve, by motion, the satisfaction of repayment agreements. <br />Background/Discussion <br />In February of 2009, the HRA was awarded $593,820 in foreclosure recovery funds through the <br />Minnesota Housing Finance Agency (MHFA) for the Neighborhood Stabilization Program (NSP). <br />The NSP funding award was approved for the following neighborhoods; Windsor Oaks, Trout Brook, <br />Park Pointe, and Elk River Station. The grant money was utilized for down payment assistance, purchase, <br />and rehabilitation of abandoned/ foreclosed homes. <br />The assistance provided to the homeowner through the NSP was considered a "special mortgage" <br />although there are no monthly payments due or accrued interest. If the real property is owned for five <br />years, the city agrees to forgive the full amount of the loan and issue the owner a written notice of <br />satisfaction terminating the lien created by the agreement. <br />The following properties with mortgage and repayment agreements through the NSP program have <br />satisfied the requirements. <br />• 17213 Monroe Street, Elk River, MN <br />• 17926 Vance Circle NW, Elk River, MN <br />Financial Impact <br />N/A <br />Attachments <br />■ Letter to Liberty Title <br />• Satisfaction of Repayment Agreement for 17213 Monroe Street <br />• Satisfaction of Repayment Agreement for 17926 Vance Circle <br />• Repayment Agreement for 17213 Monroe Street <br />• Repayment Agreement for 17926 Vance Circle <br />PV0 w E R E o R Y <br />AA UR <br />