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'~-+J~ <br />City of <br />Elk „~ REQUEST FOR ACTION <br />River <br />To Item Number <br />Housin & Redevelo ment Authori 2 <br />Agenda Section Meeting Date Prepared by <br /> January 26, 2009 Catherine Mehehch, Director of <br /> Economic Develo ment <br />Item Description Reviewed by <br />Authorize submittal of HRA Application to MN Housing <br />Finance for Neighborhood Stabilization Program Funds Reviewed by <br />Action Requested <br />Following a presentation by Ms. Heidi Peper of S.E.H., Inc., the HRA is asked to authorize submittal of <br />the application to MN Housing Finance Agency for Neighborhood Stabilization Program (Foreclosure <br />Recovery) Funds. <br />Background/Discussion <br />In December 2008, the HRA contracted with S.E.H., Inc. to prepare a grant application to MHFA under <br />the Neighborhood Stabilization Program. Ms. Peper will provide the HRA a presentation summarizing <br />the proposed NSP activities within the application. <br />The HRA presentation and discussion will include: <br />• Target neighborhoods <br />• Proposed NSP-eligible uses of the funds <br />• Project partners <br />• Proposed budget <br />Financial Impact <br />The HRA's Technical Assistance Fund application was recently awarded for up to $5,000 from Greater <br />MN Housing Fund. The Technical Assistance Funds will go toward the cost of preparing the HRA's <br />NSP application. <br />Attachments <br />• Elk River Neighborhood Stabilization Program (NSP) -Draft HRA Presentation <br />• Income Targeting -Neighborhood Stabilization Program Funding <br />• City of Elk River 2006-2008 Foreclosures Map <br />ACt10n Motion by Second by Vote <br />Follow Up <br />S:ALllA\H1ZA\HOUSING\I~oceclosuce\GMHP NSP Funding\Memos\1.26.09 HRA Action Requested.doc <br />