4.5. HRSR 03-07-2016 l Request for Action
River
To Item Number
Housing and Redevelopment Authority 4.5
Agenda Section Meeting Date Prepared by
Consent March 7, 2016 Colleen Eddy, Economic Development Specialist
Item Description Reviewed by
Monthly HRA Rehabilitation Loan program report Amanda Othoudt, EDD
Reviewed by
Cal Portner, City Administrator
Action Requested
Receive information on the monthly report of the HRA Housing Rehabilitation Loan Program.
Background/Discussion
Seven projects have been completed to date and one more is in the recording process. The file of the one
homeowner who was undecided has been closed. Over$167,044 has been disbursed over the three-year
rehabilitation program period,which runs through 2016.
Financial Impact
N/A
Attachments
• February 2016 HRA Housing Rehab Monthly Report
/ EREI "Ti
NATURE
12014 Elk River HRA Homeowner Rehab Program Monthly Report February 2016
Updated:2/26116
Completed Projects
App.Date Name Project# Home Address Date Current Status 'Loan amount'Loan rate
Approved
2 8/27/2014 Shawn&Deborah Menning ER-4 525 8th St. NW 8/27/2014 ,completed $18,657.00 2.25
4 8/28/2014 Marlin&Vicky Stimpson ER-5 606 Jefferson Lane NW 2/23/2015 completed $20,650:00 2.25
1 8/2112014 Scott&Cindi Thompson ER-3 1021 4th St.NW 8/27/2014 completed $22,000.00 2.25
3 6/19/2014 Chad&Jayme Swenson ER-1 602 Gates Ave. NW 7/14/2014 completed $25,000.00 3.25
6 3/16/2015 Barbara&Jerome Oleson ER-6 420 Main St. NW 3/18/2015 completed $25,000 3.25
8 4/9/2015 Samuel&Audrey Mahon ER-9 501 6th St. NW 4/9/2015 completed $5,837.00 1.25
5 3/26/2015 Jon&Ann Jungers ER-7 _928 Main St NW 3/30/2015 completed $24,881.69 3.25
Projects Under Construction
App.Date 'Name Project# Home Address Date Current Status
Loan amount Loan rate
Approved
9 6/5/2015 Matt&Carol Hicks ER-10 1205 4th St. NW 6/5/2015 waiting to record documents 2/25 $25,000.00 3.25
Projects Ready for Construction
App.Date (Name 'Project# 'Home Address Date 'Current Status
Loan amount Loan rate
Approved
Projects Bidding/Waiting for Approved Scope
App.Date Name Project# Home Address Date Current Status Loan amount Loan rate
Approved
7 3/27/2015 Kara&Joe Holman ER-8 1028 Main St.NW 3/31/2015 file closed on 2/8/16
Approved Applications
App.Date (Name 'Project# 'Home Address Date Current Status Loan amount Loan rate
Approved
'Applications in Process
App.Date 'Name J (Home Address I
Three year total rehab funds below:
$255,000
Total loan amounts/rehab funds: $167,026
Rehab balance: $81,698
Loan term Lead Paint Recording Monthly
inspect. Fees Payment
10 $567 $46 $173.77
10 $0 $46 $192.33
10 $915 $46 $204.90 _
15 $915 $46 $175.67
15 $915 $46 $171.29
5 $915 $46 $100.41
15 $567 $46 $174.84
!Loan term Lead Paint Recording Monthly
inspect. Fees Payment
15 $915 $46 $175.67
Loan term Lead Paint Recording Monthly
inspect Fees Payment
Loan term Lead Paint Recording Monthly
inspect. Fees Payment
$567 _
Loan term Lead Paint 'Recording Monthly
inspect. Fees _Payment
1
I I
Total LBP: $6,276
3/7/ 6.
Staff has received several calls from residents interested in the HRA Rehabilitation Loan program.The
calls were prompted by the ad that ran in the Star News.
3 calls from residents in the Trout Brook neighborhood
1 call from a resident in the Twin Lakes neighborhood
1 resident lives on 8th Street
1 resident lives on 196th Drive West
HRA Housing Rehabilitation Loan Prog
City of Elk River, MN
2015-2016
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insulation
Shawn and Deborah Mening 525 8th Street NW Elk River $18,657.00 $173.77 8/27/2024 , $ 1,216.36
Marlin and Vicky Stimpson 606 Jefferson Lane NW Elk River $20,650.00 $192.33 2/23/2025- $ 1,346.30
Scott and Cindi Thompson 1021 4th Street NW Elk River $22,000.00 $204.90 8/27/2024= $ 1,024.61
Chad and Jayme Swenson 602 Gates Ave NW Elk River $25,000.00 $175.67 7/14/2029 $ 1,054.99
Jon and Ann Jungers 928 Main Street NW Elk River $24,900.00 $174.96 3/30/2030- $ 349.68
Barbara and Jerome Oleson 420 Main Street NW Elk River $24,377.00 $171.29 3/18/2030 $ 878.34
Samuel and Audrey Mahon 501 6th Street NW Elk River $6,437.00 $110.73 4/9/2020 $ 401.64
file closed
Kara and Joe Holman 1028 Main Street NW Elk River per CMHP
Matt and Carol Hicks 1205 4th Street NW Elk River $25,000.00 $175.67 6/5/2030
1111.1111= =
-disbursed $167,021.00 repaid $ 6,271.92