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<br />ATTACHMENTS: <br /> <br />1) Map of foreclosed properties <br /> <br />STAFF RECOMMENDATION: <br /> <br />Staff is recommending that initially, the HRA focus on a homebuyer assistance program for <br />foreclosed properties. No other outside agency specifically targets foreelosed/vacant homes, and <br />it is often difficult to obtain financing for them. Also, Staff recommends that the program <br />eliminates income limits and not restrict eligibility to low and moderate incomes. <br /> <br />Future programs could include home improvement or rehabilitation loans, establishing a <br />. foreclosed property task force to identify and secure foreclosed properties, adopting a vacant <br />building registration fee to defray City costs incurred in securing and maintaining foreclosed <br />properties. <br /> <br />If the HRA makes a decision to initiate a local incentive program for home purchasers, then Staff <br />should be directed to draft program guidelines and an RFP for a program administrator. These <br />documents will be submitted to HRA for review and approval. <br /> <br />BOARD.ACTION: <br /> <br />Motion to direct City Staff to draft program guidelines for a homebuyer assistance program and <br />an RFP for it program administrator. <br /> <br />Reviewed By: ~&. <br />City Administrator -'. -' <br />HRA 10.21.08 <br /> <br /> <br />14 <br />