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ITEM # 6. <br />MEMORANDUM <br />TO: Housing & Redevelopment Authority <br />FROM: Annie Deckert, Economic Development Assistant <br />DATE: July 6, 2009 <br />SUBJECT: Update on Neighborhood Stabilization Program Application <br />Attachment <br />• Informational Memo regarding Notice of Foreclosure Counseling <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`", the NSP application was <br />approved in the amount of $593,820. <br />Update <br />The NSP funding award was approved for the following neighborhoods; Windsor Oaks, <br />Trott Brook, Park Pointe and Elk River Station. Staff finalized the grant agreement with <br />MHFA on June 8,2009. Applications for the funding mechanisms are available on Tri- <br />CAP's website (w~vw.tricap or_~/nsTn) Staff and Tri-CAP continue to receive calls throughout <br />the week inquiring about the NSP program and routinely update their websites providing <br />current information. Current activities include: <br />Down Payment Assistance <br />Tri-CAP has two applications pending for down payment assistance and is working with <br />Greater MN Housing on partnering the NSP funds with additional down payment assistance <br />funds through the agency. The Elk River NSP provides up to $5,000 in down payment <br />assistance per qualified household. <br />Purchase Rehabilitation Assistance <br />There have been no applications received for this initiative at this time. <br />Acquisition Rehabilitation <br />Staff has identified 5 homes within the targeted neighborhoods which are potential <br />candidates for acquisition rehab. Staff and Tri-CAP plan on conducting inspections and <br />