7.1 HRSR 01-04-2016 Eof lk Request for Action
River
To Item Number
Housing and Redevelopment Authority 7.1
Agenda Section Meeting Date Prepared by
General Business February 1, 2016 Colleen Eddy, Economic Development Specialist
Item Description Reviewed by
December 2015/Year End HRA Housing Amanda Othoudt, EDD
Rehabilitation Loan Program Update Reviewed by
Cal Portner, City Administrator
Action Requested
Receive information on the Housing Rehabilitation Program.
Background/Discussion
Six projects have been completed to date and two more are currently under construction. One
homeowner is still undecided. Over$167, 044 has been disbursed over the three-year rehabilitation
program period.
Upcoming marketing initiatives include a direct mailing, advertisements in the Star News and scheduling
informational meetings. Current available funds should be enough to complete 3 to 5 new projects.
Financial Impact
N/A
Attachments
• Year End 2015 CMHP Housing Rehab Report
r lEREO 1 ATURE
12014 Elk River HRA Homeowner Rehab Program Monthly Report December 2015
Updated: 12/21/15
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 Menninq DER-4 525 8th St. NW 8/27/2014 completed $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 $22,000.00 2.25 10 $915 $46 $204.90
3 6/19/2014 Chad&Jayme Swenson ER-1 602 Gates Ave. NW 7/14/2014 completed $25,000.00 3.25 15 $915 $46 $175.67
6 3/16/2015 Barbara&Jerome Oleson ER-6 _420 Main St. NW 3/18/2015 completed $25,000 3.25 15 $915 $46 $171.29
8 4/9/2015 Samuel&Audrey Mahon ER-9 501 6th St. NW 4/9/2015 completed _$5,837.00 1.25 5 $915 $46 $100.41
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
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
6/5/2015 Matt&Carol Hicks ER-10 1205 4th St. NW 6/5/2015 under construction 25,000 3.25 15 $915
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 holding off at owner's request $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 IName I I Home Address
Three year total rehab funds below:
$255,000
Total loan amounts/rehab funds: $167,044 Total LBP: $6,276
Rehab balance: $81,680