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ITEM # 5. <br />liver <br />MEMORANDUM <br />TO: Housing & Redevelopment Authority <br />FROM: Annie Deckert, Economic Development Assistant <br />DATE: June I, 2009 <br />SUBJECT: Update on Neighborhood Stabilization Program . <br />Background <br />At its January 26, 2009 special meeting the HRA authorized submittal of an application to <br />MN Housing Finance Agency for Neighborhood Stabilization Program (Foreclosure <br />Recovery) Funds in the amount of $593,820. On February 26`h, the NSP application was <br />approved in the amount of $593,820. for the following 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; Windsor Oaks, <br />Trott Brook (all subdivisions), Park Pointe and Elk River Station. <br />Staff has been working with MN Housing on executing a contract and will provide a verbal <br />update at the meeting. Applications for the funding mechanisms are available on Tri-GAF's <br />website (www.tricap.org/nsp) and staff has begun identifying potential homes for <br />acquisition/rehabilitation. Work on the environmental review has begun and staff has <br />partnered with the county and held two informational NSP open house workshops for local <br />realtors and lenders. Staff also attended an informational meeting regarding the 2"`~ round of <br />NSP funds on May 27`'' and will provide a verbal update at the meeting. <br />Next Steps <br />Following the execution of the contract, the next steps would include executing NSP <br />funding agreements, developing the formal program implementation documents with Tri- <br />CAP and starting the acquisition process. Staff continues to attend meetings and trainings <br />put on by GMHF for the NSP funding administration. <br />