03-17-2009 EDC Meeting - Laserfiche WebLink

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( OC , m NO •• 400 Sibley Street I Suite 300 Saint Paul,MN 55101-1998 1 651.296.7608 Minnesota 800.657.3769 j fax:651.296.8139 1 tty:651.297.2361 I wwwmnhousing.gov HO u s i n g Equal Opportunity Housing and Equal Opportunity Employment Finance Agency February 27,2009 Ms.Sheila Havercamp City of Brainerd c/o BLADC 124 North 6th Street Brainerd,MN 56401 RE: Notification of Minnesota Housing Finance Agency Neighborhood Stabilization Dear Ms. Havercamp: Thank you for submitting your Neighborhood Stabilization Program funding application to Minnesota Housing. As you may be aware,we received funding requests for over$50 million and had only$38.8 million available. After thorough review and consideration,I regret to inform you that your proposal was not selected for funding. While the City of Brainerd on behalf of Crow Wing County communities was not selected for NSP resources,I would like to make sure you are aware of the following Minnesota Housing programs that may assist you in your neighborhood stabilization efforts: • Community Activity Set Aside Program through which local lenders in cooperation with community partners have access to mortgage financing for first time homebuyers; • HOME Homeowner Entry Loan Program that offers up to$14,999 in federal HOME funds for down payment and closing cost assistance to qualified borrowers under the Community Activity Set Aside Program; • Homeownership Assistance Fund that offers up to$3,000 in down payment and closing cost assistance to qualified borrowers under the Community Activity Set Aside Program; • 203K purchase rehab financing through the Community Activity Set Aside Program; • Homeowner Opportunity Program that provides short term, temporary financing for the acquisition and rehabilitation of vacant properties in or in imminent danger of foreclosure; • Fix Up Fund and Community Fix Up Fund for home improvements • Rehabilitation Loan Program for low income homeowners; • Community Revitalization Fund (CRV)and Minnesota Urban and Rural Homesteading (MURL) programs,with a fall funding round anticipated;and • Foreclosure Prevention Assistance Program which offers counseling and financial `-- assistance to homeowners facing foreclosure.