7.2. HRASR 04-02-2018 Eclty1� ,.,�� Request for Action
River
To Item Number
Housing and Redevelopment Authority 7.2
Agenda Section Meeting Date Prepared by
General Business Aril 2, 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 with the 15th project underway but waiting for warmer
weather to finish the exterior work. Over$311,579 will soon be disbursed over the four-year
rehabilitation program period. Installment payments are received per the agreements.
An informational meeting is set for 5:30 p.m.,Thursday,April 26th at City Hall. CMHP will facilitate
along with homeowners who participated in the program. Staff is working with Star Nears on an ad that
will run four weeks leading up to the meeting. The event will also be posted on the city's social media
sites. CMHP sent out direct mailing on March 21" to the targeted area and has posted the informational
meeting on their website.
Financial Impact
N/A
Attachments
■ April Project/Financial Report
■ HRA Loan Installment Report
The Elk River Vision
A PehoMing community 2a itb revolutionary and spirited resourcefulness, exceptional POWERED By
service, and community engagement that encourages and inspires prosperity INAWRE1
2018 Elk River HRA Homeowner Rehab Project and Financial Monthly Report April 2018
Updated: 3/26/18
Completed Projects
App. DateNameProject #Home AddressDate Current StatusLoan amountLoan rateLoan Lead Paint Recording Monthly
Approvedterminspect.FeesPayment
Projects Under Construction
App. DateNameProject #Home AddressDate Current StatusLoan amountLoan rateLoan Lead Paint Recording Monthly
Approvedterminspect.FeesPayment
7/25/20171811 Main St. NW7/31/2017waiting for warmer weather to finish exterior 1/31$21,640.004.25%15$46.00$162.79
Kyle & Jennifer TorfinER-18$400.00
15
Projects Ready for Construction
App. DateNameProject #Home AddressDate Current StatusLoan amountLoan rateLoan Lead Paint Recording Monthly
Approvedterminspect.FeesPayment
Projects Bidding/Waiting for Approved Scope
App. DateNameProject #Home AddressDate Current StatusLoan amountLoan rateLoan Lead Paint Recording Monthly
Approvedterminspect.FeesPayment
Approved Applications
App. DateNameProject #Home AddressDate Current StatusLoan amountLoan rateLoan Lead Paint Recording Monthly
Approvedterminspect.FeesPayment
Projects Closed Applications
App. DateNameProject #Home AddressDate Current StatusLoan amountLoan rateLoan Lead Paint Recording Monthly
Approvedterminspect.FeesPayment
Applications in Process
App. DateNameHome Address
2/27/2018Four year total rehab funds below:
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
Mahon$ 2,678.71$ 132.77Available to loan$160,781
McClellan$ 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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