7.2 HRSR 10-03-2016 #>"11 ,
ilk ---� Request for Action
River
To Item Number
Housing and Redevelopment Authority 7.2
Agenda Section Meeting Date Prepared by
General Business October 3,2016 Colleen Eddy,Economic Development Specialist
Item Description Reviewed by
HRA Housing Rehabilitation Loan Program Project Amanda Othoudt,EDD
Waiting List Reviewed by
Cal Portner, City Administrator
Action Requested
Approve,by motion,to allocate funds for two projects on the waiting list for 2017.
Background/Discussion
The HRA has allocated$100,000 each year since 2014 to fund the HRA Rehabilitation program
administered by CMHP. Eight projects have been completed to date. Over$167,044 has been disbursed
over the program period.
Two homeowners have submitted applications for the HRA Rehabilitation Loan program and are
currently on a waiting list,which is based on available funding to begin their housing rehab project in
2017.To date,the total amount received from all loans total$53,730.68. This amount includes funds that
have been received from two homeowners who have recently paid off their HRA rehab loan with the
city,totaling$45,332.38.The two mortgages have been satisfied and these funds have been deposited
back into the HRA Rehab Loan fund account for future project distribution.
With approval from the HRA,these funds could be allocated to the next two projects on the waiting list.
Once approved,CMHP will be notified to proceed with obtaining estimates for the work to be done on
the two projects.
Financial Impact
The maximum loan amount for any one HRA Rehab loan is $25,000 for a total of$50,000 allocated for
two separate projects.
Attachments
• HRA Rehab Funding Report
1P11EREI 1r
NATURE
i
Homeowner Loan Amount [Total 'Total Paid i Total Rehab Allocated Funds $300,000.00
Hicks $25,000.00 : $351.33 1 Minus adminstrative fees r $45,000.00
_....._.......
Junger $24,881.69 , $24,304.80 f Amount to loan out $255,000.00
r
Mahon $5,837.00
$1,004.06
Menning 7 $18,657.00 _ $2,258.967 Total Loaned out . $167,025.69 -
Olsesen , $25,000.00 $1,054.00
— . . ,
Stimpson $20,650.00 $2,500.27 ,
Swenson $25,000.00 $1,229.67 i !Total Remaining Funds $87,974.31
, ---
Thompson $22,000.00 , $21,027.581 4
Total Paid In $53,730.68
, Total Usable Funds $141,704.99
i - -
Total Loaned Out $167,025.69 I .
Total Paid ln $53,730.68
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Administrative fees Date Amount
CMHP 6/6/2014 $3,750.001
11/3/2014 $3,750.001
12/11/2014! $3,750.00i
4/24/2015 $3,750.00 i * -
_ _,___
_4_ 10/5/2015 7/6/2015 $3,750.001
$3,750.001 1
12/7/2015 $3,750.00
_- —
3/7/2016 $3,750.00 ,
____, . -
4/27/2016 $3,750 001
- _f_
8/1/2016 $3,750.001
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!
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I
1 7.-f-
i 4 ,
Total Ad m inistrative
$37,500,001 ;