The City of Isanti was awarded $552,855 in Neighborhood Stabilization Program funds today by MHFA. This program helps qualified buyers purchase foreclosed homes with down payment assistance and/or to repair damage done to a foreclosed home.
This program will help get qualified buyers into foreclosed homes and remove the negative impacts to our communities from these properties. The sooner we can get these homes filled the better it is for all the neighboring homes. This program also helps get these homes back on the tax rolls and helps alleviate our tax revenue issues. I am very excited that Isanti was able to succeed in securing these funds. Central Minnesota Housing Partnership Inc. will be administrating these funds for us at no cost to the City.
Our Isanti Foreclosure Program helped lay the ground work to receive these funds. This is a great day for Isanti.
About Me
- George
- I have served the City of Isanti as Mayor since 2007. We have accomplished great things together and I look forward to building on our success. United, we move forward to a better future. You may contact me at 763-442-8749 or e-mail me at george@georgewimmer.com.
4 comments:
How is this program funded? How much total is given out state-wide?
$38 million total is being spent in Minnesota. This money is from the TARP legislation passed several months ago. There will be many different "programs" coming down the line that may be helpful to our local needs.
So it is taxpayer money helping people buy houses, and fix up foreclosed houses? I'm not even sure what else to say, there will be a great deal of programs like this where the government oversteps their role and spends more, and more, and more.
Yes you are right it is federal money being used for this program. I agree philosophically with your comment but the money is being spent and I believe it would be a dereliction of my duty as Mayor to not bring in as many resources as possible to help our City. We are currently receiving a low interest loan to pay for our water treatment plant and we have received over $300,000 for street repair and construction. The decisions were made to spend the money - wither here or someplace else.
The foreclosure problem is tragic for the City and those that did not make bad decisions. Our tax base has been decimated and the cost of running the city has gone up dramatically because of foreclosures. This is an out growth of rapid residential growth that I had fought for years before the collapse. The mess is here and I have to make the best decisions to get us moving in the right direction. The funds are a forgivable 5 year loan. If you buy a foreclosed home and stay there for 5 years the total amount is forgiven.
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