7.1 HRSR 06-01-2015
Request for Action
To Item Number
Housing and Redevelopment Authority 7.1
Agenda Section Meeting Date Prepared by
General BusinessJune 1, 2015Colleen Eddy, Economic Development Specialist
Item Description Reviewed by
HRA Rehabilitation Loan Program Update Amanda Othoudt, EDD
Reviewed by
Cal Portner, City Administrator
Action Requested
Receive information on the city’s Housing Rehabilitation Program.
Background/Discussion
As homeowners begin to submit payments on their rehabilitation loans, city staff met with Central
Minnesota Housing Partnership (CMHP) to review recording, loan program instructions and financial
reporting logistics. Moving forward, city and CMHP staff improved the overall process. With the new
format, the Mortgage and Repayment Agreements will be submitted to staff as soon as each housing
rehab project is completed.
Previously, the Mortgage and Repayment Agreement was submitted for approval prior to project
completion. This new change will allow for a seamless transaction between CMHP and the finance
department with the amortization and repayment schedule. All future Mortgage and Repayment
Agreements will be in this new format.
At the request of the HRA, CMHP has revised the monthly reports to include homeowner addresses.
Financial Impact
None
Attachments
CMHP Monthly Report dated May 2015
2014 Elk River HRA Homeowner Rehab Program Monthly Report - May 2015
Updated: 5121115
Comoleted Protects
{App. Date IName I Project # (Home Address (Date I Current Status I Loan amount I Loan rate JLoan term ILead Paint IRecording Imonthly
Projects
Under Construction
App. Date
Name
Project #
Home Address
Date
Approved
Current Status
Loan amount
Loan rate
Loan term
Lead Paint
inspect.
Recording
Fees
Monthly
Pa ment
8/2112014
Scott & Cindi Thompson
ER -3
1021 4th St. NW
8/27/2014
Under construction
$22,000.00
215
10
$567
$46
$204.90
8127/2014
Shawn & Deborah Mennin
ER -4
525 8th St. NW
8/27/2014
Under construction
$20,320.00
3.25
15
$567
$46
$142.78
6/19/2014
Chad & Ja me Swenson
ER -1
602 Gates Ave. NW
7/14/2014
Under construction
$25,000.00
3.25
15
$567
$46
$175.67
8/28/2014
Martin & Vicky Stun son
I ER -5
1606 Jefferson Lane NW
2/23/2015
Under construction
$20,650.00
2.25
10
$0
$46
$192.33
3126/2015
Jon & Ann Jungers
I ER -7
928 Main St. NW
3/30/2015
Under construction
1$24,900.00
13.25
115
$567
$46
$174.96
Projects iddingtWaiting for Appir
oved Sco e
App. Date Name
Project #
Home Address
Date
Current Status
Loan amount
Loan rate
Loan term
Lead Paint
Recording
Monthly
-
Ap p roved
inspect.
Fees
Pa ment
311612015 Barbara & Jerome Oleson
ER -6
420 Main St. NW
3/18/2015 Waiting for owner signed documents
$24,377
3.25
15
$567
$46
$171.29
3/27/2015 Kara & Joe Holman
ER -8
1028 Main St. NW
3131/2015
Draft scope of work being reviewed by owners
$567
4/912015 Samuel & Audrey Mahon
ER -9
501 6th St. NW
4/9/2015
Draft scope of work being reviewed by owners
$567
in Proces
Date
total rehab funds below:
Total loan amountslrehab funds:) $137,247 1 ITotal LBP:J $3,869