7.1 HRSR 07-10-2017E lls
River`
Request for Action
To
Item Number
Housing and Redevelopment Authority
7.1
Agenda Section
Meeting Date
Prepared by
General Business
July 10, 2017
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 the pipeline. One project is near completion, two just got under way
and one received contractor approval and will be starting soon.
Nine projects have been completed to date. Over $283,000 will soon be disbursed over the four -year
rehabilitation program period. Monthly installment payments are received per the agreements. Staff
continues to work with CMHP on marketing efforts, organizing an upcoming information meeting and
placing advertisements in the Star News.
Financial Impact
N/A
Attachments
• July HRA Rehab Report
• July HRA Loan Summary
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As of 6/30/17
189,095
Principal pending loan
94,310
Total funds "disbursed" to date
Borrower
Admin fees paid to CMHP
Principal
Remaining admin fees payable to CMHP
Interest
Cunningham
$
656.13
$
181.87
Hicks
$
1,735.07
$
983.62
Jungers
$
24,881.69
$
472.15
Mahon
$
1,905.37
$
102.83
Menning
$
3,114.22
$
708.72
Olesen
$
2,444.14
$
1,420.80
Stimpson
$
3,446.83
$
784.43
Swenson
$
2,335.74
$
1,359.27
Thompson
$
22,000.00
$
307.97
$
62,519.19
$
6,321.66
68,840.85 Total principle and interest received to date
Initial program funds available
Program funds used to date
400,000
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
9,756
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