6. HRSR 12-06-2010Item #6.
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MEMORANDUM
TO: Housing Redevelopment Authority
FROM: Annie Deckert, Economic Development Assistant
DATE: 6 December 2010
SUBJECT: Housing Activity Update
Foreclosure Prevention
Staff spoke at a free community foreclosure forum held on Saturday, November 20`" at the Elk
River YMCA. Other speakers included Alan Sakry from Mortgages Unlimited and Jeff Engle from
Keller Williams Realty. Staff discussed the City's foreclosures initiatives and strategies, which
included the foreclosure tracking spreadsheet and provided information regarding the MN
Homeownership Center's (NINHOC) free foreclosure prevention counseling and MNHOC's Look
Before You Leap foreclosure scam education campaign.
Staff will be speaking at second community foreclosure forum with Mr. Sakry and Mr. Engle (date
TBD) and has been asked to speak at an upcoming Three River's Area Citizens League lunch in
January 2011, along with Ed Nelson from MNHOC.
Staff has also attended a breakfast at Central Lutheran Church, and shared information regarding
foreclosure prevention and housing rehabilitation programs.
Multi-family Housing Crime Prevention Program
To build relationships with and educate rental property owners about rental rehabilitation
programs available, staff has worked closely with the Elk River Police Department and has begun
attending the PD's monthly multi-family housing crime prevention program meetings. Staff
distributed housing tool-kit brochures and has provided information regarding available programs
and utility rebates.
Neighborhood Stabilization Program (NSP)
In January of 2009, the HRA received nearly $600,000 in NSP Funds to help address foreclosures
in our community. To date, twelve income eligible applicants have received down payment
assistance to purchase foreclosed homes and the HRA has acquired, rehabbed and sold one home
to an income eligible buyer.
The last down payment assistance applicant has been in the process of purchasing a foreclosed
home for the last six months. Unfortunately, the applicant has been unable to obtain financing;
therefore there is approximately $9,000 of NSP dollars available for down payment assistance.
Staff will be working with local realtors and lenders to market the remaining funds.