7.7. HRSR 02-05-2018
Request for Action
To Item Number
Housing and Redevelopment Authority 7.7
Agenda Section Meeting Date Prepared by
General Business February 5, 2018 Colleen Eddy, Economic Development Specialist
Item Description Reviewed by
HRA Rehabilitation Program Update Amanda Othoudt, EDD
Reviewed by
Cal Portner, City Administrator
Action Requested
Receive information on the HRA Housing Rehabilitation Loan Program.
Background/Discussion
Fourteen projects have been completed to date. One project is in construction. Over $311,579 will soon
be disbursed over the four-year rehabilitation program period. Installment payments are received per the
agreements.
Staff is working with CMHP to schedule an informational meeting in early spring, a direct mailing to the
expanded targeted area, Facebook ads, and an article for the Elk River Star News.
Financial Impact
N/A
Attachments
February Project/Financial Report
HRA Loan Installment Report
The Elk River Vision
A welcoming community with revolutionary and spirited resourcefulness, exceptional
service, and community engagement that encourages and inspires prosperity
2018 Elk River HRA Homeowner Rehab Project and Financial Report February 2018
Updated: 1/30/18
Completed Projects
App. Date Name Project # Home Address Date Current Status
Approved
Loan amount Loan rate Loan Lead Paint Recording Monthly
term I inspect. I Fees I Pavment
Projects Under Construction
App. Date Name Project # Home Address Date Current Status Loan amount Loan rate Loan Lead Paint Recording Monthly
Approved term inspect. Fees Payment
115 7/25/2017 Kyle & Jennifer Torfin ER -18 1811 Main St. NW 7/31/2017 partial payment inspection 12/19/17 $21,640.00 4.25% 15 $400.00 $46.00 $162.79
Projects Ready for Construction
App. Date
NameProject
#
Home Address
Date
Approved
Current Status
Loan amount
Loan rate
Loan
term
Lead Paint
inspect.
Recording
Fees
Monthly
Payment
Projects Bidding/Waiting for Approved Scope
App. Date Name Project # Home Address Date Current Status Loan amount Loan rate Loan Lead Paint Recording Monthly
Approved I I I term I inspect. I Fees I Payment
Approved Applications
App. Date
Name
Project #
Home Address
Date
Approved
Current Status
Loan amount
Loan rate
Loan
term
Lead Paint
inspect.
Recording
Fees
Monthly
Payment
1/30/2018
Projects Closed Applications
App. Date
Name
Project #
Home Address
Date
Approved
Current Status
Loan amount
Loan rate
Loan
term
Lead Paint
inspect.
Recording
Fees
Monthly
IPayment
1,442.93
Applications in Process
App. Date IName Home Address
1/30/2018
Four year total rehab funds below:
Borrower
Principal
Total loan amounts/rehab funds:
Rehab balance:
Additional contribution
Principle
Interest
Interest
Cunningham
$
1,989.93
$ 529.07
Hanson
$
1,442.93
$ 366.06
Hicks
$
2,604.12
$ 1,294.57
Hoops
$
524.55
$ 356.36
Jungers
$
24,881.69
$ 472.15
Krieg
$
549.27
$ 178.35
Mahon
$
2,581.69
$ 129.38
McClellan
$
206.18
$ 24.31
Menning
$
4,132.33
$ 907.00
Olesen
$
3,135.69
$ 1,782.67
Sandhoefner
$
1,093.68
$ 337.50
Stimpson
$
4,573.66
$ 1,003.91
Swenson
$
3,172.84
$ 1,782.17
Thompson
22000
307.97
$72,888.55
$9,471.47
$82,360.03
Four year total rehab funds below:
$340,000
Total loan amounts/rehab funds:
Rehab balance:
Additional contribution
Principle
Interest
$311,579
$28,421
$50,000
$72,889
$9,471
Available to loan
1$160,781
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