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.i.1 ~~ ~ ~ <br />City of <br />Elk -.-. <br />River <br />MEMORANDUM <br />T ®usan ede~el®rnen a®r~~y <br />F Anne ecl~e~, c®n~oc eel®pnnen ssasan <br />To ®~emer 2, 2409 <br />J Update ®n ei®rh® ai~izai®n ~~ann ~ ~ <br />Attachments <br />® Amended NSP funding options spreadsheet <br />® Amended NSP targeted neighborhood map <br />Elk River NSP Activities Funded to Date <br />Down Pa ment Assistance <br />Tfi-CAP has closed three applications in the Ells River target neighborhoods; each awarded <br />X5,000 in NSP funds. Two of these applications have received an additional $10,000 each in <br />down payment assistance from the Gieatei~ MN Housing Foundation ~GMHF} and one <br />received $15,000 based on income eligibility. <br />Purchase Rehabilitation Assistance <br />There have been no applications received for this initiative at this tune. <br />Acquisition. Rehabilitation <br />Staff and Txi-CAP have identified a potential home ita the Trott I3iool~ neighborhood and <br />have completed the due diligence required by MHFA NSP program for eligibility. A closing <br />was set fox October 30, 2009 with Txi-CAP as developer/buyer and the HRA as funding <br />agent via NSP. <br />Recent Changes in NSP Program <br />In mid-Septefnbex, staff submitted several proposed contact amendments to MN Housing <br />Finance Agency ~MHFA} in efforts to increase the success of our pxograin. I~elow is a <br />su~nina~y of approved changes see attachments fox additional detail}: <br />S:IEDAIHR.AIHOUSINGIForeclosurelNSP FundinglMemosl~ 1,2.09 HRA update.doc <br />