6.0. HRSR 11-02-2009.i.1 ~~ ~ ~
City of
Elk -.-.
River
MEMORANDUM
T ®usan ede~el®rnen a®r~~y
F Anne ecl~e~, c®n~oc eel®pnnen ssasan
To ®~emer 2, 2409
J Update ®n ei®rh® ai~izai®n ~~ann ~ ~
Attachments
® Amended NSP funding options spreadsheet
® Amended NSP targeted neighborhood map
Elk River NSP Activities Funded to Date
Down Pa ment Assistance
Tfi-CAP has closed three applications in the Ells River target neighborhoods; each awarded
X5,000 in NSP funds. Two of these applications have received an additional $10,000 each in
down payment assistance from the Gieatei~ MN Housing Foundation ~GMHF} and one
received $15,000 based on income eligibility.
Purchase Rehabilitation Assistance
There have been no applications received for this initiative at this tune.
Acquisition. Rehabilitation
Staff and Txi-CAP have identified a potential home ita the Trott I3iool~ neighborhood and
have completed the due diligence required by MHFA NSP program for eligibility. A closing
was set fox October 30, 2009 with Txi-CAP as developer/buyer and the HRA as funding
agent via NSP.
Recent Changes in NSP Program
In mid-Septefnbex, staff submitted several proposed contact amendments to MN Housing
Finance Agency ~MHFA} in efforts to increase the success of our pxograin. I~elow is a
su~nina~y of approved changes see attachments fox additional detail}:
S:IEDAIHR.AIHOUSINGIForeclosurelNSP FundinglMemosl~ 1,2.09 HRA update.doc
Targeted Nei~l~bo~•hood~
Due to a lacy of homes in the affordability pt•ice point of the NSP p~og~am, the
neighbo~haods of ~Iindsor Oaks and Path Pointe have been eliminated from the
progt:am.
In addition to Ells River Station and Trott I~~ool~ subdivisions 1-12, the following
neighborhoods have been added to the p~og~am based on staffs most fecent
analysis of fofeclosuie concentrations and tithe on the tna~ket;
ALL Trott Brook subdivisions now including Mashes of Trott
B~ool~ and Trott I3xool~ subd. south of County Road 12}
® "Downtown Neighbo~l~.ood": includes Sandpiper Estates, Country
Cfossing, Grandview and He~:itage Landing}
~ Twin Labe Townhomes
~ Down Payment Assxs~ance
o Staff prapased and MHFA approved increasing the dawnpayment assistance
progt~am eligibility from X5,000 to now $10,000-X15,000 based an income.
Next Steps NSP
Staff completed its G- month checl~ in with. MN Housing Finance Agency ~IVIHFA~ in
Septembet.• to discuss the program's p~•ogress. P~:oposed amendments were submitted on
September 17th and were approved October 16t1~. Staff and Tii-CAP will begin tnail~eting
the proposed changes with local realtors, lenders and potential ho~~.e buyers after the formal
announcement at the November HRA meeting,
Staff continues to receive foreclosure data and is monitoring neighborhoods for potential
additions/revisions to the existitag NSP targeted neighborhoods. Staff attended a 2wday
training in September which addressed challenges in the NSP funding process anal other
federal requirements.
Foreclosufe Preventzon
Staff continues to provide foreclosure prevention information to the community. The
master vacant/foreclosure property list is also available to the public upon request.
S:IEDAIHRAIHOUSINGIFo~eclosuxelNSP FundznglMemos111,2,09 HR~A update.doc
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