7.1. HRSR 05-02-2016 ttik ,.,,.. Request for Action
River
To Item Number
Housing and Redevelopment Authority 7.1
Agenda Section Meeting Date Prepared by
General Business May 2,2016 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.
We facilitated an informational meeting with CMHP last week.A couple homeowners participated to
explain the process to the few attendees. One attendee was impressed with the program,but felt they
would not be ready to take advantage of it until next year. CMHP installed yard signs in front of two
homes which we hope draws more attention to the program. Another informational meeting is being
planned for late May or early June. Staff continues to work with CMHP on marketing this program.
Current available funds should be enough to complete 3-5 new projects.
Financial Impact
N/A
Attachments
• May 2016 HRA Rehab Report
I-ONEBE ® ® t
NATURE
12014 Elk River HRA Homeowner Rehab Program Monthly Report May 2016
Updated:4/27/16
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
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
5 3/26/2015 Jon&Ann Jungers ER-7 928 Main St. NW 3/30/2015 completed $24,881.69 3.25 15 $567 $46 $174.84
9.6/5/2015 Matt&Carol Hicks ER-10 1205 4th St.NW 6/5/2015 completed $25,000.00 3.25 15 $915 $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
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
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 file closed on 2/8/16 $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 IHome Address
Three year total rehab funds below:
$255,000
Total loan amounts/rehab funds: $167,026 Total LBP: $6,276
Rehab balance: $81,698