7.1 HRSR 12-05-2016 tik. Request for Action
River
To Item Number
Housing and Redevelopment Authority 7.1
Agenda Section Meeting Date Prepared by
General Business December 5,2016 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 HRA Housing Rehabilitation Program.
Background/Discussion
Currently,there are four projects in progress. One application is under construction, one is working with
the contractor to reduce their total overall project costs, one is waiting for the scope of work to be
completed and one applicant is going through the lead based assessment.
Eight projects have been completed to date. Over$189,095 has been or soon will be disbursed over the
three-year rehabilitation program period. Monthly installment payments are received per the agreements.
Financial Impact
N/A
Attachments
• December HRA Rehab Report
• HRA Loans Summary
FOVEREI er
2014 Elk River HRA Homeowner Rehab Program Monthly Report December 2016
Updated:11/29/16
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
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
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
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
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
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
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
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
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
7/14/2016 Erin&Tracy Cunningham ER-11 1420 SthSt.NW 7/19/2016 under construction $22,069.00
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
8/1/2016 homeowner making cuts to $567.00
7/22/2016 William&Denise Hoops ER12 806 Holt Ave NW project
8/15/2016 Larryt&Nancy Krieg 609 Gates Ave NW 8/19/2016 waiting for scope of work $596.00
8/22/2016 Scot&Kristen Sandhoefner 703 Jackson Ave NW 9/7/2016 insp.scheduled for 12/1/16
Projects Closed Applications
App.Date Name Project# Home Address Date Current Status Loan amount Loan rate Loan term Lead Paint Recording Monthly
Approved _ inspect. Fees Payment
3/27/2015 Kara&Joe Holman ER-8 1028 Main St.NW 3/31/2015 file closed on 2/8/16 $567
8/20/2014 Lisa Conway ER-2 236 Norfolk Ave.NW 8/21/2014 lost contact closed 2/11/15 $567
8/9/2016 Dave asked to cancel his
8/5/16 David&Laura Hartfiel ER-13 1017 Main St.NW application 9/23/16
Three year total rehab funds
below:
$255,000 _
funds: $189,095 Total LBP: $8,006
I Rehab balance:I $57,899 I
ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY
REHABILITATION HOME LOANS
Current Current
Loan Interest Monthly
Borrower Amount Rate Payment Current Total Paid
1205 4th St NW $25,000.00 3.25% $ 175.67 N $1,229.67
928 Main Street $24,881.69 3.25% $ 174.84 Y $24,304.80
501 - 6th Street $5,837.00 1.25% $ 100.41 Y $1,004.06
525 - 8th St NW $18,657.00 2.25% $ 173.77 Y $2,258.96
420 Main St $25,000.00 3.25% $ 171.29 Y $1,054.00
606 Jefferson Lane NW $20,650.00 2.25% $ 192.33 Y $2,500.27
602 Gates Ave NW $25,000.00 3.25% $ 175.67 Y $1,229.67
1021 - 4th St NW $22,000.00 2.25% $ 204.90 Y $21,027.58