7.1. HRSR 06-04-2018 ��i
Eof
lk — - Request for Action
River
To Item Number
Housing and Redevelopment Authority 7.1
Agenda Section Meeting Date Prepared by
General BusinessJune 4, 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
Fifteen projects have been completed to date. Over$311,579 was disbursed over the four-year
rehabilitation program period. Installment payments are received per the agreements.
A new application was received via the April Informational Meeting. The scope of work potentially
includes window replacements, electrical repairs, a deck and a privacy fence.
CMHP has reached out to all of the homeowners who attended the April Informational Meeting and is
expecting to receive a couple more applications.
Financial Impact
N/A
Attachments
■ HRA Loan Program Report
■ June HRA Financial and Project Update
The Elk River Vision
A Y�elcoming community nvith revolutionary and spirited resourcefulness, exceptional P U W E H E o s r
service, and community engagement that encourages and inspires prosperity ,g /` UR
., central minnesota
• • HOUSING PARTNERSHIP
May 30'', 2018
City of Elk River
Attn: Colleen Eddy
13065 Orono Parkway
Elk River, MN 55330
RE: City of Elk River HRA Homeowner Rehabilitation Program
Materials for the June 4t', 2018 HRA Meeting.
Dear Colleen:
37 28th Avenue North Suite 102
St. Cloud, MN 56303-4242
Phone: 320.259.0393
Enclosed are the following items for the Elk River HRA meeting on Monday June 4th.
• Monthly program progress report
Thank you,
Ed Zi=y
Program Manager
Attachments
Cc: file
A MINNESOTA /j Q MN TDD 711
NONPROFIT CORPORATION ;;;,;:-;. EQUAL OPPORTUNITY EMPLOYER
Fax. 320.259.9590
www.cmhp.net
12018 Elk River HRA Homeowner Rehab Program Financial and Project Report June 2018
Updated:5/29/18
Completed Projects
App.Date Name Project# Home Address Date Current Status Loan amount Loan rate Loan Lead Paint Recording Monthly
Approved term inspect. Fees Payment
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
I
Projects Ready for Construction
App.Date Name Project# Home Address Date Current Status Loan amount Loan rate Loan Lead Paint Recording Monthly
Approved term inspect. Fees 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 term inspect. Fees Payment
Approved Applications
App.Date Name Project# Home Address Date Current Status Loan amount Loan rate Loan Lead Paint Recording Monthly
Approved term inspect. Fees Payment
5/16/2018 Lea Raduenz ER-20 1837 8th St.NW 5/17/2018 Initial Inspection set for 5/29
Projects Closed Applications
App.Date Name Project# Home Address Date Current Status Loan amount Loan rate Loan Lead Paint Recording Monthly
Approved term inspect. Fees Payment
Applications in Process
App.Date IName Home Address
5/29/2018 Four year total rehab funds below:
Borrower Principal Interest $340,000
Cunningham $2,495.49 $653.51 Total loan amounts/rehab funds: $311,579
Hanson $2,410.98 $598.01 Rehab balance: $28,421
Hicks $2,841.27 $1,601.16 Additional contribution $50,000
Hoops $949.73 $635.90 Principle $79,235
Jungers $24,881.69 $472.15 Interest $11,556
Krieg $1,126.02 $351.59
Mahon $2,873.05 $139.25 Available to loan $169,211
McClellan $620.85 $70.60
Menning $4,720.59 $1,014.28
Olesen $3,603.40 $2,017.64
Sandhoefner $1,831.18 $554.11
Stimpson $5,224.24 $1,122.65
Swenson $3,656.33 $2,016.68
Thompson $22,000.00 $307.97
$79,234.83 $11,555.51
$90,790.34 Total principal and interest received to date