7.1. HRSR 03-05-2018
Request for Action
To Item Number
Housing and Redevelopment Authority 7.1
Agenda Section Meeting Date Prepared by
General Business March 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 and a direct mailing to
the expanded targeted area.
Financial Impact
N/A
Attachments
March 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 Program Monthly Report March 2018
Updated: 2/26/18
Completed Projects
App. DateHome AddressDate Current StatusLoan amountLoan rateLoan Lead Paint Recording Monthly
NameProject #
Approvedterminspect.FeesPayment
Projects Under Construction
App. DateHome AddressDate Current StatusLoan amountLoan rateLoan Lead Paint Recording Monthly
NameProject #
Approvedterminspect.FeesPayment
7/25/20171811 Main St. NW7/31/2017waiting for warmer weather to finish $21,640.004.25%15$46.00$162.79
Kyle & Jennifer TorfinER-18$400.00
15
exterior 1/31
Projects Ready for Construction
App. DateHome AddressDate Current StatusLoan amountLoan rateLoan Lead Paint Recording Monthly
NameProject #
Approvedterminspect.FeesPayment
Projects Bidding/Waiting for Approved Scope
App. DateHome AddressDate Current StatusLoan amountLoan rateLoan Lead Paint Recording Monthly
NameProject #
Approvedterminspect.FeesPayment
Projects Closed Applications
App. DateHome AddressDate Current StatusLoan amountLoan rateLoan Lead Paint Recording Monthly
NameProject #
Approvedterminspect.FeesPayment
Applications in Process
App. DateHome Address
Name
Four year total rehab funds below:
2/27/2018
BorrowerPrincipalInterest
$340,000
Cunningham$ 2,158.10$ 570.90Total loan amounts/rehab funds:$311,579
Hanson$ 1,684.04$ 424.96Rehab balance:$28,421
Hicks$ 2,602.27$ 1,480.16Additional contribution$50,000
Hoops$ 630.38$ 426.71Principle$74,332
Jungers$ 24,881.69$ 472.15Interest$10,090
Krieg$ 695.46$ 222.16
Available to loan$160,781
Mahon$ 2,678.71$ 132.77
McClellan$ 309.55$ 36.17
Menning$ 4,132.33$ 907.00
Olesen$ 3,252.14$ 1,841.89
Sandhoefner$ 1,277.42$ 392.29
Stimpson$ 4,735.85$ 1,034.05
Swenson$ 3,293.72$ 1,841.29
Thompson$ 22,000.00$ 307.97
$ 74,331.66$ 10,090.46
$ 84,422.13Total principal and interest received to date
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