7.3 HRSR 08-03-2015 *of Request for Action
River
To Item Number
Housing and Redevelopment Authority 7.3
Agenda Section 'Meeting Date Prepared by
General Business August 3,2015 Colleen Eddy, Economic Development Specialist
Item Description Reviewed by
Update on HRA Rehabilitation Loan Program Amanda Othoudt, EDD
Reviewed by
Cal Portner,City Administrator
Action Requested
Receive information on the city's Housing Rehabilitation Program and approve,by motion, one mortgage
and repayment agreement.
Background/Discussion
Over$142,021 has been disbursed over the three-year rehabilitation program period.
To date, there are nine projects that have made application to CMHP. Five of the eight projects are
under construction, three projects have submitted their draft scope of work,and one new application is in
the inspection process.
The mortgage and repayment agreement being requested for approval tonight is a binding agreement
between the homeowner and CMHP. Once the project is complete, the HRA will receive an executable
mortgage and repayment agreement which will include truth in lending agreements and the amortization
schedule and any additional required documents.
Staff continues to monitor rehabilitation activities and will continue partnering with CMHP.
Financial Impact
None
Attachments
• CMHP Monthly Report dated July 2015
P I I I E B E I I T
NATURE
12014 Elk River HRA Homeowner Rehab Program Monthly Report- July 2015
Updated:7/27/15
Completed Projects
App.Date Name Project# Home Address Date Current Status Loan amount Loan rate Loan term Lead Paint Recording Monthly
Approved inspect. Fees Payment
2 8/27/2014 Shawn&Deborah Menning ER-4 525 8th St. NW 8/27/2014 completed $18,657.00 2.25 10 $567 $46 $173.77 1
Projects Under Construction
App.Date Name Project# Home Address Date Current Status Loan amount Loan rate ILoan term Lead Paint Recording Monthly
Approved inspect. Fees Payment
1 8/21/2014 Scott&Cindi Thompson ER-3 1021 4th St. NW 8/27/2014 Under construction $22,000.00 2.25 10 $567 $46 $204.90
3 6/19/2014 Chad&Jayme Swenson ER-1 602 Gates Ave.NW 7/14/2014 Under construction $25,000.00 3.25 15 $567 $46 $175.67
4 8/28/2014 Marlin&Vicky Stimpson ER-5 606 Jefferson Lane NW 2/23/2015 Under construction $20,650.00 2.25 10 $0 $46 $192.33
5 3/26/2015 Jon&Ann Jungers ER-7 928 Main St. NW 3/30/2015 Under construction $24,900.00 3.25 15 $567 $46 $174.96
6,3/16/2015 _Barbara&Jerome Oleson ER-6 420 Main St.NW 3/18/2015 under construction $24,377 3.25 15 $567 $46 $171.29
Projects Ready for Construction
App.Date Name Project# Home Address Date Current Status Loan amount Loan rate Loan term Lead Paint Recording Monthly
Approved inspect. Fees Payment
8 4/9/2015 Samuel&Audrey Mahon ER-9 501 6th St. NW 4/9/2015 _sent out contracts for signatures $6,437.00 1.25 5_$567 i $46 $110.73 1
Projects Bidding/Waiting for Approved Scope
App.Date Name Project# Home Address Date Current Status Loan amount Loan rate Loan term 1Lead Paint Recording Monthly
Approved ki l nspect. Fees Payment
7 3/27/2015 ,Kara&Joe Holman ER-8 1028 Main St. NW 3/31/2015 _Draft scope of work being reviewed by owners I $567 1
6/5/2015 Matt&Carol Hicks ER-10 1205 4th St.NW 6/5/2015 Initial inspection made 6/22 $567
Approved Applications
App.Date Name Project# Home Address !Date Current Status Loan amount Loan rate Loan term Lead Paint Recording Monthly
(Approved inspect. Fees _Payment
Applications in Process
App.Date 1Name j Home Address
Three year total rehab funds below:
$255,000
Total loan amounts/rehab funds: $142,021 1 Total LBP:I $4,536 I
Rehab balance: $108,443 j