9.2 HRSR 06-05-2017Request for Action
ToItem Number
Housing and Redevelopment Authority9.2
Agenda Section Meeting DatePrepared by
General BusinessJune 5, 2017Amanda Othoudt, EDD
Item Description
Reviewed by
HRA Housing Rehabilitation Loan Program Cal Portner, City Administrator
Reviewed by
Action Requested
Receive information on the HRA Housing Rehabilitation Program.
Background/Discussion
At their May 1 meeting, the HRA directed staff to discuss allocating more funding to the HRA
Rehabilitation Loan Program at a future work session. Over the past four years, the HRA has allocated
$400,000 to the program. The program has been highly successful with 9 projects completed to date and
four more underway.
Initial program funds available 400,000
Program funds used to date
Loaned principal 189,095
Principal pending loan 94,310
Total funds "disbursed" to date 283,405
Admin fees paid to CMHP 48,750
Remaining admin fees payable to CMHP 11,250
Lead-based paint assessments 9,106
Total program funds used to date 352,511
Remaining balance 47,489
Add: principal repaid to date 61,726
Add: program interest earned through 6/1/17 6,087
Total program funds available to loan 115,302
Based on the total program funds available, the HRA could fund four to five more rehab projects in 2017.
CMHP has received threenew applications to date. Staff is looking for direction from the HR
more funds to support the program.
Financial Impact
The HRA reserve fund balance as of June 1, 2017,is $1,090,000.
Attachments
June HRA Rehab Report
June HRA Loan Summary