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Mounds View EDA August 9, 2010 <br />Regular Meeting Page 2 <br /> <br />in place with the EDA. The Housing Replacement Program has been an interest of the EDA <br />which allows for acquisition and demolition assistance. She recommended the EDA rethink the <br />Housing Replacement Program and eliminate the acquisition portion of this program. This <br />would allow the City to focus better efforts to provide housing assistance to the residents of <br />Mounds View. She indicated 19 residents are currently on a waiting list for the Ramsey County <br />Rehab dollars. <br /> <br />Economic Development Specialist Steinmetz then reviewed several new concepts with the EDA. <br />The first was the Mounds View Residential Rehabilitation Deferred Loan which would repeat an <br />existing program offered through the HRC. The second concept was the Mounds View Code <br />Enforcement Deferred Loan which would assist income-eligible homeowners who have received <br />one or more code violation notices from the City. This program would assist homeowners to <br />make the necessary repairs to bring their home into compliance. <br /> <br />Economic Development Specialist Steinmetz indicated the third concept is the Mounds View <br />Home Demolition Deferred Loan which would maintain a portion of the EDA’s existing Housing <br />Replacement Program, yet the EDA would not forgive the loan after 10 years. The fourth <br />concept would be the Mounds View Immediate Need Deferred Loan which would assist low- <br />income homeowners to address immediate conditions in the home. There would be no interest or <br />payments on this loan but it would be repaid in full at the time of transfer or sale of the property. <br />The loan amounts would be between $500 and $2,500. <br /> <br />Economic Development Specialist Steinmetz indicated the final concept would be the Mounds <br />View Foreclosure Recovery Program which could be modeled after the City of Brooklyn Park’s <br />efforts to provide down payment assistance of up to $7,500 to homeowners that purchase homes <br />that have been rehabilitated by for-profit and non-profit housing developers that have partnered <br />with the City. She then asked for comments from the EDA. <br /> <br />Vice President Stigney commented each concept would have to be reviewed with lists of criteria. <br />He questioned if outstanding code enforcement issues were becoming a concern and if loans <br />were absolutely necessary. He did not want to begin an unnecessary program if possible. <br /> <br />Commissioner Hull stated he favored Concepts 1, 4, and 5 the most. <br /> <br />Commissioner Gunn agreed, Concepts 1, 4 and 5 were the ones she would like to see proceed. <br />She thanked staff for providing a detailed staff report on the EDA concepts available. <br /> <br />President Flaherty was not in favor of purchasing properties on behalf of the City. He <br />recommended the City not copy programs already offered by Ramsey County and instead create <br />programs within the City of Mounds View to assist its residents. President Flaherty felt the <br />Deferred Loan program would greatly benefit the residents. He stated Concepts 1 and 4 should <br />proceed, but noted hardship would have to be demonstrated.