2.0 HRSR 01-26-2009'~-+J~
City of
Elk „~ REQUEST FOR ACTION
River
To Item Number
Housin & Redevelo ment Authori 2
Agenda Section Meeting Date Prepared by
January 26, 2009 Catherine Mehehch, Director of
Economic Develo ment
Item Description Reviewed by
Authorize submittal of HRA Application to MN Housing
Finance for Neighborhood Stabilization Program Funds Reviewed by
Action Requested
Following a presentation by Ms. Heidi Peper of S.E.H., Inc., the HRA is asked to authorize submittal of
the application to MN Housing Finance Agency for Neighborhood Stabilization Program (Foreclosure
Recovery) Funds.
Background/Discussion
In December 2008, the HRA contracted with S.E.H., Inc. to prepare a grant application to MHFA under
the Neighborhood Stabilization Program. Ms. Peper will provide the HRA a presentation summarizing
the proposed NSP activities within the application.
The HRA presentation and discussion will include:
• Target neighborhoods
• Proposed NSP-eligible uses of the funds
• Project partners
• Proposed budget
Financial Impact
The HRA's Technical Assistance Fund application was recently awarded for up to $5,000 from Greater
MN Housing Fund. The Technical Assistance Funds will go toward the cost of preparing the HRA's
NSP application.
Attachments
• Elk River Neighborhood Stabilization Program (NSP) -Draft HRA Presentation
• Income Targeting -Neighborhood Stabilization Program Funding
• City of Elk River 2006-2008 Foreclosures Map
ACt10n Motion by Second by Vote
Follow Up
S:ALllA\H1ZA\HOUSING\I~oceclosuce\GMHP NSP Funding\Memos\1.26.09 HRA Action Requested.doc
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13065 Orono Parkway
Elk River, MN 55330
January ??, 2009
Iviile Robertson
Cite Administrator
City of Otsego
8899 N.E. Nashua Avenue
Otsego, iYIl~1 55330
RE: NSP Foreclosure Funds in the 55330 Zip Code
Dear l~iile:
As a follow up to our recent conversation regarding the use of NSP funds within the 55330
zip code, we propose the following:
Otsego foreclosures = 48
Ell: River foreclosures = 2~
Total foreclosures = 276
NSP funds split in the 55330 zip code:
Otsego @ 17% = S 121,626
Ell: Rir=er @ 83% _ ~ 593T820
Total NSP Funds in 55330 zip code = 5 715,4-~G
Please have I~~iayor Stockamp sign below and keep a copy for your NSP applie:etion. ?hanks
again for your help and understanding.
Sin re1~-,
i
}~ . Gongo
Communiry Development Director
Agreed:
Agreed:
Iviay r Stephanie Kltnzuig Date I4Ia}Tor Jessica Stockamp Date
Phone: 763.635.1000
Fax: 763.635.1090
vaww.ci.elk-river.mn.us