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Mounds View EDA August 9, 2010 Regular Meeting Page 2 in place with the EDA. The Housing Replacement Program has been an interest of the EDA 46 which allows for acquisition and demolition assistance. She recommended the EDA rethink the 47 Housing Replacement Program and eliminate the acquisition portion of this program. This 48 would allow the City to focus better efforts to provide housing assistance to the residents of 49 Mounds View. She indicated 19 residents are currently on a waiting list for the Ramsey County 50 Rehab dollars. 51 52 Economic Development Specialist Steinmetz then reviewed several new concepts with the EDA. 53 The first was the Mounds View Residential Rehabilitation Deferred Loan which would repeat an 54 existing program offered through the HRC. The second concept was the Mounds View Code 55 Enforcement Deferred Loan which would assist income-eligible homeowners who have received 56 one or more code violation notices from the City. This program would assist homeowners to 57 make the necessary repairs to bring their home into compliance. 58 59 Economic Development Specialist Steinmetz indicated the third concept is the Mounds View 60 Home Demolition Deferred Loan which would maintain a portion of the EDA’s existing Housing 61 Replacement Program, yet the EDA would not forgive the loan after 10 years. The fourth 62 concept would be the Mounds View Immediate Need Deferred Loan which would assist low-63 income homeowners to address immediate conditions in the home. There would be no interest or 64 payments on this loan but it would be repaid in full at the time of transfer or sale of the property. 65 The loan amounts would be between $500 and $2,500. 66 67 Economic Development Specialist Steinmetz indicated the final concept would be the Mounds 68 View Foreclosure Recovery Program which could be modeled after the City of Brooklyn Park’s 69 efforts to provide down payment assistance of up to $7,500 to homeowners that purchase homes 70 that have been rehabilitated by for-profit and non-profit housing developers that have partnered 71 with the City. She then asked for comments from the EDA. 72 73 Vice President Stigney commented each concept would have to be reviewed with lists of criteria. 74 He questioned if outstanding code enforcement issues were becoming a concern and if loans 75 were absolutely necessary. He did not want to begin an unnecessary program if possible. 76 77 Commissioner Hull stated he favored Concepts 1, 4, and 5 the most. 78 79 Commissioner Gunn agreed, Concepts 1, 4 and 5 were the ones she would like to see proceed. 80 She thanked staff for providing a detailed staff report on the EDA concepts available. 81 82 President Flaherty was not in favor of purchasing properties on behalf of the City. He 83 recommended the City not copy programs already offered by Ramsey County and instead create 84 programs within the City of Mounds View to assist its residents. President Flaherty felt the 85 Deferred Loan program would greatly benefit the residents. He stated Concepts 1 and 4 should 86 proceed, but noted hardship would have to be demonstrated. 87