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<br />TITLE: <br /> <br />CASE # I <br /> <br />DISCUSSION REGARDING CHALLENGES AND OPPORTUNITIES <br />RELATED TO THE CURRENT FORECLOSURE CONDITIONS <br /> <br />BY: <br /> <br />Sylvia Frolik, HRA Executive Director <br /> <br />INTRODUCTION: <br /> <br />On July 22, 2008, the HRA reviewed home purchase and rehabilitation programs offered by <br />Federal, State and County jurisdictions. The case report also suggested that the HRA can <br />implement local programs that would provide added incentive for homebuyers to purchase a <br />foreclosed home in Ramsey. The HRA could also look at establishing a local rehabilitation fund <br />that could be targeted for deteriorating or damaged homes in foreclosure. <br /> <br />DISCUSSION POINTS: <br /> <br />On July 22, 2008, Staff was directed to bring additional information to the HRA that would spur <br />discussion regarding the problems and possible program incentives to solve the problems <br />associated with the foreclosure crisis. The following questions were put to Staff on July 22. <br />Th~ responses are not all inclusive and intended to assist the discussion. <br /> <br />1. What problems related to the foreclosure crisis is the City looking to solve? <br /> <br />a. Filling vacant homes to stabilize them and the neighborhood <br />b. Identifying and securing vacant homes <br />c. Reducing code enforcement violations and criminal activity at vacant properties <br />d. Rehabilitating damaged or abandoned property <br />e. Foreclosure prevention <br />f. Preventing damage caused by lack of water utility shut off <br />g. Failing and ineffective homeowners associations due to lack of funding from <br />vacant units; which results in lack of regular maintenance of common areas and <br />private streets <br />h. Recouping City costs incurred in securing and maintaining foreclosed properties <br /> <br />2. What incentives and/or programs can the City implement to help solve the <br />problems? Examples of local programs that could be initiated, in addition to those <br />offered by other agencies, might include the following: . <br /> <br />a. Homebuyer Assistance for closing and down payment costs <br />b. Home Improvement/Rehabilitatiort loans <br />c. Create a task force to inventory, secure and monitor vacant homes <br />d. Do a better job of marketing existing foreclosure prevention programs <br />e. Do a better job of marketing exiting homebuyer and rehabilitation programs <br />f. Work with utility billing contractor for early detection of vacant properties for <br />water shutoff purposes <br /> <br />3. Demographics that identify areas experiencing higher foreclosure numbers. . <br /> <br />1 1 <br />