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City of <br /> Elk - <br /> RiVer Request for Action <br /> To Item Number <br /> Housing and Redevelopment Authority 7.2 <br /> Agenda Section Meeting Date Prepared by <br /> General Business September 8, 2020 Colleen Eddy, Economic Development Specialist <br /> Item Description Reviewed by <br /> Blighted Properties Residential Forgivable Loan Amanda Othoudt,ED Director <br /> Program and Policy Reviewed by <br /> Cal Portner, City Administrator <br /> Action Requested <br /> Approve,by motion,the Blighted Properties Residential Forgivable Loan Program and Policy. <br /> Background/Discussion <br /> At their February 1, 2016, meeting, the HRA adopted the Blighted Properties Residential Forgivable Loan <br /> Program. <br /> At their November 4, 2019, meeting,the consensus of the HRA was to discuss changes to the Blighted <br /> Properties Program and policy to allow flexibility for builders to acquire these types of homes with the caveat <br /> that the properties will be owner-occupied upon completion. <br /> Over the past few months, the HRA worked with staff and the attorney on policy changes. <br /> At their August 3, 2020, HRA meeting, the HRA directed staff to make the following final revisions to the <br /> policy: <br /> Attachment Checklist <br /> E) Financial statements: Requiring one year of personal federal tax returns. Financial statements should <br /> include details of existing debt agreements. Debt should include any student loans,payment amounts, and <br /> history of any debt being deferred during COVID19. <br /> XV Remove <br /> Application Review Worksheet <br /> (Page 14):it was the consensus of the commission to remove the scoring component of the checklist <br /> worksheet. <br /> Financial Impact <br /> N/A <br /> The Elk River Vision <br /> A Y�elcoming community nvith revolutionary and spirited resourcefulness, exceptional P U W E H E o s r <br /> service, and community engagement that encourages and inspires prosperity ,g /` UR <br />