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ITEM # 6. <br />ver <br />MEMORANDUM <br />TO: Housing & Redevelopment Authority <br />FROM: Annie Deckert, Economic Development Assistant <br />DATE: August 3, 2009 <br />SUBJECT: Update on Neighborhood Stabilization Program (NSP) & other <br />Foreclosure Initiatives <br />Attachments <br />• NSP Funding Options <br />• Information regarding Elk River Community Wide Open House- Sunday, August <br />16`h, 1:00-4:00 p.m. <br />Down Payment Assistance <br />Tri-CAP has two applications scheduled for closing the last week in July- a verbal update on <br />these applications will be given at the meeting. There have been 2 new additional <br />applications for down payment assistance. The Elk River NSP provides up to $5,000 in <br />down payment 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 and Tri-CAP have conducted inspections of several properties, but because of the fast <br />moving market, have been unable to move ahead with purchase agreements at this time. We <br />are carefully monitoring and seeking out potential acquisitions on a consistent basis. ,Staff <br />and Tri-CAP anticipate selecting two homes, and moving ahead with purchase agreements as <br />soon as possible. <br />Next Steps- NSP <br />Staff continues to work with Tri-CAP on the NSP funding implementation.. Staff continues <br />to receive foreclosure data and is monitoring neighborhoods for potential <br />additions/revisions to the existing NSP targeted neighborhoods. Staff will be attending a 2- <br />day training in September which will address challenges in the NSP funding process and <br />other federal requirements. There will be a 6- month check in with MN Housing in <br />September to discuss the program's progress. <br />