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Item Numbers: 6C <br /> Meeting Date: March 21, 2008 <br /> Type of Business: EDC <br /> City of Mounds View Staff Report <br /> 1111111.1111111111.111 <br /> To: Economic Development Commission <br /> From: Heidi Steinmetz, Economic Development Specialist <br /> Item Title/Subject: Discuss Housing Replacement Program <br /> Background: <br /> The City's Housing Replacement Program policy was last updated in July of 2007 and is <br /> attached for the EDC's reference. The program is geared toward providing demolition <br /> assistance through Tax Increment Financing (TIF), which is provided as a ten <br /> year/forgivable deferred loan. <br /> Discussion: <br /> • Staff received an inquiry from a gentleman and his son who wish to purchase and <br /> renovate a foreclosed duplex located in Mounds View. The inquiry was regarding <br /> housing rehabilitation assistance. Since this type of assistance is not available through <br /> the Housing Replacement Program, staff referred the gentleman to the Housing <br /> Resource Center. Staff has attached a list of programs available through the Housing <br /> Resource Center taken directly from their Web site located at <br /> vvww.housing reso u rcecenter.org <br /> Staff recently followed up with the above referenced gentleman and although the <br /> Housing Resource Center offers rehabilitation assistance, he is not interested in their <br /> programs. He plans to submit staff with further insight via e-mail in the near future. <br /> Recommendation: <br /> Staff recommends that the EDC consider the following questions regarding the Housing <br /> Replacement Program: <br /> • Does the EDC believe that the Housing Replacement Program policy should be <br /> expanded to help address the current housing market? <br /> • Does the Housing Replacement Program and the Housing Resource Center <br /> 410 programs meet the needs of the community? <br />