7.1. HRSR 04-04-2016 hi Request for Action
River
To Item Number
Housing and Redevelopment Authority 7.1
Agenda Section Meeting Date Prepared by
General Business April 4,2016 Colleen Eddy,Economic Development Specialist
Item Description Reviewed by
HRA Housing Rehabilitation Loan Program Update Amanda Othoudt, EDD
Reviewed by
Cal Portner, City Administrator
Action Requested
Receive information on the Housing Rehabilitation Program.
Background/Discussion
Seven projects have been completed to date and one more is currently being recorded. Over$167,044
has been disbursed over the three-year rehabilitation program period. Monthly installment payments are
being received on a consistent basis.
Upcoming marketing initiatives include an informational meeting on April 21' from 6 -7 p.m. and a video
production is in the works. Staff distributed promotional materials at the annual Chamber Expo on
Sunday April 3.
Current available funds should be enough to complete 3-5 new projects.
Financial Impact
N/A
Attachments
• March 2016 HRA Rehab Report
11 / EREI 11
NATURE
12014 Elk River HRA Homeowner Rehab Program Monthly Report March 2016
Updated:3/30/16
Completed Projects
App.Date Name Project# Home Address Date Current Status Loan amount Loan rate Loan term
Approved
2 8/27/2014 Shawn&Deborah Menning ER-4 525 8th St. NW 8/27/2014 completed $18,657.00 2.25 10
4 8/28/2014 Marlin&Vicky Stimpson ER-5 606 Jefferson Lane NW 2/23/2015 completed $20,650.00 2.25 10
1 8/21/2014 Scott&Cindi Thompson ER-3 1021 4th St. NW 8/27/2014 completed $22,000.00 2.25 10
3 6/19/2014 Chad&Jayme Swenson ER-1 602 Gates Ave. NW 7/14/2014 completed $25,000.00 3.25 15
6 3/16/2015 Barbara&Jerome Oleson ER-6 420 Main St. NW 3/18/2015 completed $25,000 3.25 15
8 4/9/2015 Samuel&Audrey Mahon ER-9 501 6th St. NW 4/9/2015 completed $5,837.00 1.25 5
5 3/26/2015 Jon&Ann Jungers ER-7 928 Main St. NW 3/30/2015 completed $24,881.69 3.25 15
19 6/5/2015 Matt&Carol Hicks ER-10 1205 4th St. NW 6/5/2015 waiting to record documents $25,000.00 3.25 15
Projects Under Construction
App.Date Name Project# Home Address Date Current Status Loan amount Loan rate Loan term
Approved
Projects Ready for Construction
App.Date 'Name Project# Home Address Date Current Status Loan amount Loan rate Loan term
Approved
Projects Bidding/Waiting for Approved Scope
App.Date Name Project# Home Address Date Current Status Loan amount Loan rate Loan term
,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 Loan term
Approved
'Applications in Process
App.Date Name I IHome Address I
Three year total rehab funds below.
$255,000
Total loan amounts/rehab funds: $167,026 Total LBP:
Rehab balance: $91,698
Lead Paint Recording Monthly
inspect. Fees Payment
$567 $46 $173.77
$0 $46 $192.33
$915 $46 $204.90
$915 $46 $175.67
$915 $46 $171.29
$915 $46 $100.41
$567 $46 $174.84
$915 $46 $175.67
Lead Paint Recording Monthly
inspect Fees Payment
Lead Paint Recording Monthly
inspect Fees Payment
Lead Paint Recording Monthly
inspect. Fees Payment
$567
Lead Paint Recording Monthly
inspect Fees Payment
I J
$6,276