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WHAT LOCAL GOVERNMENT CAN DO TO ADDRESS P-. ' i " r-' Ri' ,'r"C~"L'~ OS'" J_,~ ;-' (_"l J._J t l~) R-' E' 'S" } ,,' :,1',', ___, _.....__."" ",,!f/ More Detail on Foreclosure Recovery Strate'gies and Resources I HELP FOR RENTERS IN FORECLOSED APARTMENTS: For a copy of a fact sheet on how to deal with a foreclosed rental property as a tenant, please see: When Your Landlord Loses The Building: Mortgage Foreclosure see: htio:llwwwJawhelo.org/documents/412IH- 14%20 When%20Y our%20LandJord%20Loses%20the%20Building.pdf?stateabbrev=IMNI 2 HOME OWNER EDUCATION AND FORECLOSURE COUNSELING: For more information on foreclosure prevention related homeowner education see htto:II\'1ww.hocmn.org/mao.cfm?oageill=5. 3 POINT OF SALE CODE ENFORCEMENT ORDINANCES: For information on Point of Sale Code Compliance Ordinances, see this example from the City of Richfield: "Point of Sale code Compliance" brochure: htto:llvvv>iw.ci.richfield.mn.us/Policellnspectiol1s/PointofSaleBrochure.odf 4 EARLY WARNING SYSTEMS FOR FORECLOSURES: For more information on the use of e~ly waming systems for cities experiencing increasing foreclosures contact Kellie Jones at the City of Minneapolis at 612- 673-3506 or KellieJones@cLminneapolis.mn.us. 5 SUB PRIME LOAN CONCENTRATIONS - WHERE FUTURE FORECLOSURES ARE MOST LIKELY: To obtain data on Sub-Prime Loan Concentrations by Zip Code from the Federal Reserve contact Michael Grover at 612-204-5172 or michaeLgrover@mpls.frb.org. 6 HOW ONE COUNTY IS RESPONDING TO FORECLOSURES: For examples of how counties can respond to foreclosures, see: Hennepin Count\' Foreclosure Task Force Report: http://www.co.hennepin.mn.us/imagesIHCInternetlYCGlNewsroornlFiles%20PAImortgage_closure_web. pdf 7 HOME PURCHASE LOAN PROGRAM EXAMPLE: For more information on Saint Paul's CitvLiving Home Program designed to assist homebuyers with purchase and rehabilitation of homes, see http://www.stpauLgov/index.asp?NID=2350 8 STRATEGIC NEIGHBORHOOD REMEDIATION FUND EXAMPLE; For more information on the Northside Home Fund which is designed to foster redevelopment of vacant and boarded homes, and seeks to leverage additional investment and enforcement tools needed to improve surrounding properties. The focus is on small geographic redevelopment areas, or "clusters", intended to make a noticeably positive impact on foreclosure impacts, improve the area's housing stock and to stabilize and strengthen the homeownership market. Contact Jill Kiener at jill.kiener@cLminneapolis.mn.us and review htto:ll\vww ,ci.m inneaoolis.mn.us/coed/docs/nhf brochw-e.odf. 9 FORGIVEALBLE DOWNPA YMENT LOANS: For more information on Mhmeaoolis Advantage Home Loan Program (for targeted neighborhoods), which offers a $10,000 zero-percent interest rate loan that is forgivable over five years to anyone buying a home in which they will live in these eligible neighborhoods (PDF). Loan Program Guidelines are available at: htto:llww'.....cLminneaoolis.mn.us/cped/docslFinal Mpls Advantage Guidelines.odf Also see: htto:llwww.cLminneapolis.mn.us/coed/minneaoolisadvantage home.asp 10 HUD HOME LOANS.For more information on BUD loans, see http://www.hud.gov/officeslhsg/sfh/203k1203kabou.cfm II FIRST TIME HOMEBUYER LOAN PROGRAMS: For lllore information on Affordable Mortgages for First-Time Homebuyers through Minnesota Housing's Communitv Activity Set Aside (CASAl Loan Program for first time hornebuyers that helps low to moderate income Minnesotans buy a home. The affordable, low, fixed interest rates for up to 40 years are available to eligible homebuyers tlirough lenders participating in initiatives in several communities around the state. Homebuver education is required for all borrowers receiving a CASA loan. see htto:II".rww.mnhousing.gov/consumers/home-buverslloans/MHF A 000469.aS1JX Also see Minnesota Housing's downpayment and closing cost loans through the Homeownership Assistance Fund (HAF) which provides the opportunity for eligible targeted borrowers who qualify for an interest-free, deferred loan to help with dovvnpayment and closing costs. See: http://www.mnhousing.gov/consumerslhome- buyerslloalls/MHF A_ 003407.aspx 12 MINNESOTA HOUSING'S FIX UP FUND PROGRAM: For more information on Minnesota Housing's Fix-up Fund, see htto:llwww.mnhousing.gov/consumers/home-ownerslHomeImprovementLoans/hldex.asox 13 NORTHSIDE HOME FUND - STRATEGIC CLUSTER REDEVELOPMENT PROGRAM: http://www.cLminlleapolis.mn.us/coed/docs/nhf brochure. pdf This document was prepared by: Minnesota Foreclosure Prevention Council, Greater Minnesota Housing Fund, htto:llvv'Ww.gmhf.com 3 20