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<br />Minneapolis and St. Paul, as well as numerous qthercommunities, have an array <br />of programs for homebuyer assistance and rehab. <br /> <br />6. How many foreclosures are builder owned? <br /> <br />The best information staff can provide is that approximately 30-40 properties, either <br />vacant or developed, are builder-owned. <br /> <br />On July 22, the HRA also discussed the idea of looking further into implementing a homebuyer <br />assistance program for Ramsey and sending out Requests For Proposal's (RFP) for a program <br />administrator. If the decision is to proceed to develop a program that would give purchasers <br />additional incentive to buy a foreclosed Ramsey home, then the next step would be to develop <br />program guidelines. The following list of questions would help staff develop the program <br />guidelines. Once the guidelines are approved by the HRA, the HRA could solicit RFP's for a <br />program administrator. The guidelines should address the following points: <br /> <br />Who is eligible? <br /> <br />Owner-occupants <br />Investors <br />First-time home buyers <br />All home buyers <br />Income limits/no income limits <br /> <br />What properties are eligible? <br /> <br />Any foreclosed property in the city <br />Foreclosed property in targeted area(s) of the city <br />Any home in the.City of Ramsey <br />Any home in a targeted area <br />Single-family detached homes only <br />Single-family, duplex, condo, townhome <br />Property value ~imit/no property value limit <br /> <br />Use of Funds? <br /> <br />Down Payment and closing costs <br />Rehabilitation <br /> <br />Type of Loan? <br /> <br />Interest <br />No Interest <br />Deferred, due upon sale, transfer of title or no longer principle residence <br />Deferred, forgiven over time (e.g. - 20% per year over 5 year period) <br /> <br />Loim Amount? <br />Maximum/minimum <br /> <br />Underwriting? <br /> <br />25 <br />