7.6 HRSR 02-06-2017
Request for Action
To
Housing and Redevelopment Authority
Item Number
7.6
Agenda Section
General Business
Meeting Date
February 6, 2017
Prepared by
Colleen Eddy, Economic Development Specialist
Item Description
HRA Housing Rehabilitation Loan Program Update
Reviewed by
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 the pipeline. One project is ready for construction, one is reviewing
bids, one is working on the scope of work and the fourth one is waiting for lead base paint results.
Nine projects have been completed to date. Over $213,740 will be disbursed over the three-year
rehabilitation program period. Monthly installment payments are received per the agreements.
Staff continues to partner with CMHP on marketing the program and plans are underway to update the
city’s produced video that highlights the rehabilitation loan program.
Financial Impact
N/A
Attachments
February HRA Rehab Report
HRA Loan Summary
App. Date Name Project #Home Address Date
Approved
Current Status Loan amount Loan rate Loan term Lead Paint
inspect.
Recording
Fees
Monthly
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
7/14/2016 Erin & Tracy Cunningham ER-11 1420 5thSt. NW 7/19/2016 sent docs to recorder 1/26/17 $22,069.00 2.5 10 0 $46 $208.04
Total 2014-2015 $189,094.69
App. Date Name Project #Home Address Date
Approved
Current Status Loan amount Loan rate Loan term Lead Paint
inspect.
Recording
Fees
Monthly
Payment
App. Date Name Project #Home Address Date
Approved
Current Status Loan amount Loan rate Loan term Lead Paint
inspect.
Recording
Fees
Monthly
Payment
7/22/2016 William & Denise Hoops ER12 806 Holt Ave NW 8/1/2016 ready for construction $24,645.00 3.5 15 $567.00 $46 $176.18
App. Date Name Project #Home Address Date
Approved
Current Status Loan amount Loan rate Loan term Lead Paint
inspect.
Recording
Fees
Monthly
Payment
8/15/2016 Larry & Nancy Krieg 609 Gates Ave NW 8/19/2016 owners reviewing bids 1/11 $596.00
8/22/2016 Scot & Kristen Sandhoefner 703 Jackson Ave NW 9/7/2016 working on scope of work 1/26 $400.00
App. Date Name Project #Home Address Date
Approved
Current Status Loan amount Loan rate Loan term Lead Paint
inspect.
Recording
Fees
Monthly
Payment
12/19/2016 Nichol & Andrew Hanson ER-16 319 2nd Street NW 12/20/2016 waiting for lead paint insp. 1/13/2017
Total 2016-2017 $24,645.00
App. Date Name Project #Home Address Date
Approved
Current Status Loan amount Loan rate Loan term Lead Paint
inspect.
Recording
Fees
Monthly
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 $567
8/5/16 David & Laura Hartfiel ER-13 1017 Main St. NW 8/9/2016
Dave asked to cancel his application
9/23/16
2014 - 2016 Rehab Funds 300,000.00$
2017 allocation 100,000.00$
Total Allocation:400,000.00$ Total LBP:$8,406
Total Expensed Funds YTD 213,739.69$
Total Lead Based Paint Fees $8,406
Total CMHP Admin Fees YTD 45,000.00$
Rehab balance:160,333.69$
Projects Closed Applications
Elk River HRA Homeowner Rehab Program Monthly Report February 2017
Updated: 01/27/2017
2014 - 2016 Completed Projects
Projects Under Construction
Projects Ready for Construction
Projects Bidding/Waiting for Approved Scope
Approved Applications
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 $1,429.67
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 $1,405.73
525 - 8th St NW $18,657.00 2.25%173.77$ Y $2,780.31
420 Main St $25,000.00 3.25%171.29$ Y $2,459.37
606 Jefferson Lane NW $20,650.00 2.25%192.33$ Y $3,077.27
602 Gates Ave NW $25,000.00 3.25%175.67$ Y $2,635.04
1021 - 4th St NW $22,000.00 2.25%204.90$ Y $21,027.58