7.1 HRSR 09-08-2015 ht lk Request for Action
River
To Item Number
Housing and Redevelopment Authority 7.1
Agenda Section Meeting Date Prepared by
General Business September 8,2015 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
Four projects have been completed to date. We received our first repayment installment earlier this
month for the first of the completed rehab projects. The homeowner was excited to talk about the
different projects they were able to complete with the rehabilitation funds. This particular homeowner
utilized rehab funds to re-roof their home, add attic insulation, and complete bathroom
repairs/renovations.
Over$142,021 has been disbursed over the three-year rehabilitation program period.
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 August 2015
IRMEREI 171
NATURE
12014 Elk River HRA Homeowner Rehab Program Monthly Report- August 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,waiting for recorded docs. $18,657.00 2.25 10 $567 $46 $173.77
4 8/28/2014 Marlin&Vicky Stimpson ER-5 606 Jefferson Lane NW 2/23/2015 completed $20,650.00 2.25 10 $0 $46 $192.33
1 8/21/2014 Scott&Cindi Thompson ER-3 1021 4th St. NW 8/27/2014 completed,waiting for recorded docs. $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 _completed,waiting for recorded docs. $25.000.00 3.25 15 $567 $46 $175.67
Projects Under Construction
App.Date Name Project# Home Address Date Current Status Loan amount Loan rate Loan term Lead Paint Recording Monthly
Approved inspect. Fees Payment
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 waiting to send notice to proceed +$6,437.00 1.25_ 5 $567 $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 Lead Paint Recording Monthly
Approved inspect. 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 _ $567 1
6/5/2015 Matt&Carol Hicks ER-10 1205 4th St.NW 6/5/2015 waiting for bids to be returned $567
Approved Applications
App.Date 'Name Project# Home Address Date Current Status Loan amount ILoan rate Loan term Lead Paint Recording Monthly
Approved I inspect. Fees Payment
Applications in Process
App.Date Name -Home Address -_---
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Three ear total rehab funds below:
$255,000--- --
Total loan amounts/rehab funds: $142,021 _Total LBP: