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REQUEST FOR ACTION <br />To Item Number <br />Housing & Redevelopment Authority <br />Agenda Section Meeting Date Prepared by <br /> Apri16, 2009 Annie Deckert, Economic <br /> Develo ment Assistant <br />Item Description Reviewed by <br />Authorize approval of HRA Resolution 09-01 authorizing Catherine Mehelich, Director of <br />receipt and implementation of Neighborhood Stabilization Economic Develo ment <br />Program grant Reviewed by <br />Action Requested <br />Authorize approval of HRA Resolution 09-01 authorizing receipt and implementation of Neighborhood <br />Stabilization Program grant. <br />Background/Discussion <br />At its January 26, 2009 special meeting the HRA authorized submittal of an application to MN Housing <br />Finance Agency for Neighborhood Stabilization Program (Foreclosure Recovery) Funds in the amount of <br />$593,820. On February 26`h, the NSP application was approved in the amount of $593,820. The HRA's <br />application included the following proposed program initiatives: <br />Down payment assistance <br />Purchase & Rehabilitation of abandoned/foreclosed homes (buyer-driven) <br />Purchase & Rehabilitation of abandoned/foreclosed homes (entity-driven) <br />Update <br />The NSP funding award was approved for the following neighborhoods (The Bluffs were not awarded <br />any funding): <br />• Windsor Oaks <br />• Trott Brook (all subdivisions) <br />• Park Pointe <br />• Elk River Station <br />Staff has been working with MN Housing and anticipates executing a contract mid-April. Staff and Tri- <br />CAP will be attending a technical assistance training on Apri17`''. An email distribution list has been <br />created to update future home-buyers, realtors, lenders and mortgage companies regarding the status of <br />the NSP funds. <br />Next Steps <br />Following the execution of the contract, the next steps would include executing NSP funding agreements, <br />S:\EDA\HRA\HOUSING\Foreclosure\GMHF NSP Funding\Memos\4.6.09 HRA Action Requested.doc <br />