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CUT OP ! f ^�r%3 City of Mounds View Housing Replacement Program i (Revised July 2007) S g4'ess PartneCs''Y A. Statement of Purpose The Mounds View Economic Development Authority Housing Replacement Program ("Program") is established to reduce blight, improve residential neighborhoods and increase the tax base. B. Program Objectives • Replace deteriorating substandard housing on scattered sites throughout the City with larger, higher value housing designed for owner-occupied families. • Eliminate the blighting influence of substandard housing. • Increase the availability for quality housing for families. C. Program Funding The Program is funded through Tax Increment Financing and administered by the Mounds • View Economic Development Authority(the "EDA"). D. Data Privacy All files and information, which identifies property and persons, is private and cannot be released. All information secured through the Program is subject to the Data Privacy Act. E. Program Options The Program offers two options for participation. Option 1 — Demolition Assistance: The primary component of the Program involves providing financial assistance to cover the cost of demolishing substandard or blighted property with an agreement that it will be replaced within a specified time frame with a new home that meets certain minimum design standards and area requirements as articulated in Attachment A, Minimum Standards and Requirements. Option 2 - Acquisition: This secondary option involves the purchase of a substandard single- family home and land by the EDA from a willing seller. The EDA will coordinate the site clearance activity and market the site to a developer/owner with an agreement that a new home would be constructed within a specified time frame that meets certain minimum design standards and area requirements as articulated in Attachment A, Minimum Standards • and Requirements.