7.3 HRSR 02-02-2015
Request for Action
To Item Number
Housing and Redevelopment Authority 7.3
Agenda Section Meeting Date Prepared by
General BusinessFebruary 2, 2015Jeremy Barnhart, Deputy Director, CODD
Item Description Reviewed by
HRA Annual Report for 2014
Reviewed by
Action Requested
Receive information
Background/Discussion
The HRA Bylaws require that the Housing and Redevelopment Authority review all existing projects.
The Annual-End-of-Year Report lists major activity in 2014. That report is attached. Staff will review the
report with the HRA at the Annual Meeting.
Financial Impact
N/A
Attachments
HRA Annual-End-of-Year Report
Template Updated 4/14
HRA Annual Report
The year of 2014 was another year of progress for the Elk River Housing and Redevelopment
Authority. The HRA is committed to assisting the community in increasing property values and
strengthening neighborhoods through reinvestment and support. The following are highlights of
projects completed by the HRA.
Housing Tax Increment Financing (TIF) Policy
The HRA revised the Tax Increment Financing Policy to allow more appropriate screening of
Housing TIF applications. This update provides a valuable tool in supporting housing and
redevelopment projects for the City.
Property Assessed Clean Energy Program (PACE)
The HRA and Sherburne County are partnering with the St. Paul Port Authority to offer financing
to home and building owners for specific energy efficiency and renewable energy upgrades. The
Property Assessed Clean Energy (PACE) program is now available to property owners that if
interested; are eligible to receive 100% financing, repaid as a property tax assessment, for up to 20
years. Another tool in the tool box that we have been actively marketing over the past 9 months.
HRA Owner-Occupied Rehabilitation Policies and Procedures
The HRA established a Housing/ Owner occupied loan program. The three year pilot project, in
partnership with the Central Minnesota Housing Partnership provides low interest loans to
residential property owners in the core downtown residential areas. Policies and procedures were
established to determine eligibility of applicants. The program is funded by the HRA at $100,000
per year, 85% of that goes to the property owners. The first partial year of this program showed
modest interest, with a waiting list established. We expect this program to grow in the coming years.