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ITEhd # 6. <br />Ci <br />.ver <br />MEMORANDUM <br />TO: Housing & Redevelopment Authority <br />FROM: Catherine Mehelich, Director of Economic Developme <br />DATE: January 5, 2009 <br />SUBJECT: Update on Neighborhood Stabilization Program Application <br />Attachments <br />• GMHF Technical Assistance Funds for Eligible NSP Foreclosure Recovery Planning <br />and Application Expenses <br />• Information - "Community developers in MN face the foreclosure crisis", <br />Community Dividend, Federal Reserve Bank of Minneapolis, 2009 <br />Issue <br />The purpose of this memo is to provide an update to the HRA on the status of the <br />application for Neighborhood Stabilization Program (Foreclosure Recovery) Funds. In <br />addition, the HRA is asked to: <br />1) Authorize staff to submit an application to Greater MN Housing Fund fox <br />Technical Assistance Funds. <br />2) Call a Special HRA Meeting later this month for the purpose of approving the <br />Neighborhood Stabilization Program Funding Application prior to submittal. <br />Background <br />At its December 15, 2008 special meeting the HRA reviewed data collected to date of the <br />Elk River foreclosure situation. The following target neighborhoods were identified as the <br />areas of greatest need based on number of home foreclosures: <br />• The Bluffs of Elk River condos <br />• Windsor Oaks of Elk River <br />• Park Pointe <br />• Trott Brook development area (includes all Trott Brook subdivisions) <br />