7.1 HRSR 04-03-2017Request for Action
ToItem Number
Housing and Redevelopment Authority7.1
Agenda Section Meeting DatePrepared by
General BusinessApril 3, 2017Colleen Eddy, Economic Development Specialist
Item Description
Reviewed by
HRA Housing Rehabilitation Loan Program UpdateAmanda Othoudt, EDD
Reviewed by
Cal Portner, City Administrator
Action Requested
1.Receive information on the HRA Housing Rehabilitation Program.
2.Approve, by motion, twomortgage and repayment agreement.
Background/Discussion
Currently, there are four projects in the pipeline. One project is under way, the second was approved at
the last HRA meeting and the remaining two are waiting on approval of the mortgage and repayment
agreementsfrom the HRA.
The mortgage and repayment agreementsbeing requested for approval tonight arebinding agreements
between the homeowner and CMHP. Once the project is complete, th
mortgage and repayment agreement,which will include truth in lending agreements and the amortization
schedule and any additional required documents.
Nineprojects have been completed to date.Over $255,000has beenor soon will bedisbursed over the
three-year rehabilitation program period. Monthly installment payments are received per the agreements.
Financial Impact
N/A
Attachments
AprilHRA Rehab Report
AprilHRA Loan Summary
Hanson Mortgage and Repayment Agreement
Sandhoefner Mortgage and Repayment Agreement
Loan Amortization Schedule
Enter valuesInstructions
Loan amount$22,069.00Must be between 1 and 30 years.
Annual interest rate2.500%If your extra payments vary, enter them in the table below.
Loan period in years10
Start date of loan2/1/2017
Optional extra payments
Tracy & Erin Cunningham
Scheduled monthly payment$208.04
1420 - 5th Street NW
Scheduled number of payments120
Elk River, MN 55330
Actual number of payments120
Total of early payments$1.92
Total interest$2,895.85
Beginning
No.Payment DateBalanceScheduled PaymentExtra PaymentTotal PaymentPrincipalInterestEnding BalanceDate Paid
2/1/2017
12/1/2017$22,069.00$208.04$0.96$209.00$163.02$45.98$21,905.98
23/1/2017$21,905.98$208.04$0.96$209.00$163.36$45.64$21,742.62 3/1/2017
34/1/2017$21,742.62$208.04$-$208.04$162.74$45.30$21,579.88
45/1/2017$21,579.88$208.04$-$208.04$163.08$44.96$21,416.80
56/1/2017$21,416.80$208.04$-$208.04$163.42$44.62$21,253.38
67/1/2017$21,253.38$208.04$-$208.04$163.76$44.28$21,089.62
78/1/2017$21,089.62$208.04$-$208.04$164.10$43.94$20,925.52
89/1/2017$20,925.52$208.04$-$208.04$164.45$43.59$20,761.07
910/1/2017$20,761.07$208.04$-$208.04$164.79$43.25$20,596.28
1011/1/2017$20,596.28$208.04$-$208.04$165.13$42.91$20,431.15
1112/1/2017$20,431.15$208.04$-$208.04$165.48$42.56$20,265.67
121/1/2018$20,265.67$208.04$-$208.04$165.82$42.22$20,099.85
132/1/2018$20,099.85$208.04$-$208.04$166.17$41.87$19,933.68
143/1/2018$19,933.68$208.04$-$208.04$166.51$41.53$19,767.17
154/1/2018$19,767.17$208.04$-$208.04$166.86$41.18$19,600.31
165/1/2018$19,600.31$208.04$-$208.04$167.21$40.83$19,433.10
176/1/2018$19,433.10$208.04$-$208.04$167.55$40.49$19,265.55
187/1/2018$19,265.55$208.04$-$208.04$167.90$40.14$19,097.65
198/1/2018$19,097.65$208.04$-$208.04$168.25$39.79$18,929.40
209/1/2018$18,929.40$208.04$208.04$168.60$39.44$18,760.80
2110/1/2018$18,760.80$208.04$-$208.04$168.95$39.09$18,591.85
2211/1/2018$18,591.85$208.04$-$208.04$169.31$38.73$18,422.54
2312/1/2018$18,422.54$208.04$-$208.04$169.66$38.38$18,252.88
241/1/2019$18,252.88$208.04$-$208.04$170.01$38.03$18,082.87
252/1/2019$18,082.87$208.04$-$208.04$170.37$37.67$17,912.50
263/1/2019$17,912.50$208.04$-$208.04$170.72$37.32$17,741.78
274/1/2019$17,741.78$208.04$-$208.04$171.08$36.96$17,570.70
285/1/2019$17,570.70$208.04$-$208.04$171.43$36.61$17,399.27
296/1/2019$17,399.27$208.04$-$208.04$171.79$36.25$17,227.48
307/1/2019$17,227.48$208.04$-$208.04$172.15$35.89$17,055.33
318/1/2019$17,055.33$208.04$-$208.04$172.51$35.53$16,882.82
329/1/2019$16,882.82$208.04$-$208.04$172.87$35.17$16,709.95
3310/1/2019$16,709.95$208.04$-$208.04$173.23$34.81$16,536.72
3411/1/2019$16,536.72$208.04$-$208.04$173.59$34.45$16,363.13
3512/1/2019$16,363.13$208.04$-$208.04$173.95$34.09$16,189.18
361/1/2020$16,189.18$208.04$-$208.04$174.31$33.73$16,014.87
372/1/2020$16,014.87$208.04$-$208.04$174.68$33.36$15,840.19
383/1/2020$15,840.19$208.04$-$208.04$175.04$33.00$15,665.15
394/1/2020$15,665.15$208.04$-$208.04$175.40$32.64$15,489.75
405/1/2020$15,489.75$208.04$-$208.04$175.77$32.27$15,313.98
416/1/2020$15,313.98$208.04$-$208.04$176.14$31.90$15,137.84
427/1/2020$15,137.84$208.04$-$208.04$176.50$31.54$14,961.34
438/1/2020$14,961.34$208.04$-$208.04$176.87$31.17$14,784.47
449/1/2020$14,784.47$208.04$-$208.04$177.24$30.80$14,607.23
4510/1/2020$14,607.23$208.04$-$208.04$177.61$30.43$14,429.62
4611/1/2020$14,429.62$208.04$-$208.04$177.98$30.06$14,251.64
4712/1/2020$14,251.64$208.04$-$208.04$178.35$29.69$14,073.29
481/1/2021$14,073.29$208.04$-$208.04$178.72$29.32$13,894.57
492/1/2021$13,894.57$208.04$-$208.04$179.09$28.95$13,715.48
503/1/2021$13,715.48$208.04$-$208.04$179.47$28.57$13,536.01
514/1/2021$13,536.01$208.04$-$208.04$179.84$28.20$13,356.17