7.1. HRSR 07-02-2018 ��i
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lk — - Request for Action
River
To Item Number
Housing and Redevelopment Authority 7.1
Agenda Section Meeting Date Prepared by
General BusinessJuly 2, 2018 Amanda Othoudt,EDD
Item Description Reviewed by
HRA Rehabilitation Program Update Cal Portner, City Administrator
Reviewed by
Action Requested
Receive information on the HRA Housing Rehabilitation Loan Program.
Background/Discussion
Fifteen projects have been completed to date. Over$311,579 has been disbursed over the four-year
rehabilitation program period. Installment payments are received per the agreements. The property owner
at 319 2nd Street NW paid off the balance of their rehab loan.
Two new applications were received last month as a result of the informational meeting held on April 26,
2018. Marketing efforts continue on our social media platforms.
Financial Impact
N/A
Attachments
■ July Project/Financial Report
■ HRA Loan Installment Report
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
App. Date Name Project # Home Address Date ApprovedCurrent Status Loan amount Loan rate Loan termLead Paint inspect.Recording FeesMonthly Payment1 8/27/2014 Shawn & Deborah Menning ER-4 525 8th St. NW 8/27/2014 completed $18,657.00 2.25% 10 $567 $46 $173.772 8/28/2014 Marlin & Vicky Stimpson ER-5 606 Jefferson Lane NW 2/23/2015 completed $20,650.00 2.25% 10 $0 $46 $192.333 8/21/2014Scott & Cindi Thompson ER-3 1021 4th St. NW8/27/2014 completed $22,000.00 2.25% 10 $915 $46 $204.904 6/19/2014 Chad & Jayme Swenson ER-1 602 Gates Ave. NW 7/14/2014 completed $25,000.00 3.25% 15 $915 $46 $175.675 3/16/2015 Barbara & Jerome Oleson ER-6 420 Main St. NW 3/18/2015completed $25,000 3.25% 15 $915 $46 $171.296 4/9/2015 Samuel & Audrey Mahon ER-9 501 6th St. NW 4/9/2015completed$5,837.00 1.25% 5$915$46 $100.4173/26/2015 Jon & Ann Jungers ER-7 928 Main St. NW 3/30/2015completed $24,881.69 3.25% 15 $567 $46 $174.8486/5/2015 Matt & Carol Hicks ER-10 1205 4th St. NW 6/5/2015completed$25,000.003.25% 15 $915 $46 $175.6797/14/2016 Erin & Tracy Cunningham ER-11 1420 5th St. NW 7/19/2016 completed $22,069.00 2.50% 10 $0.00 $46.00 $208.041012/19/2016 Nichol & Andrew Hanson ER-16 319 2ns St. NW 12/20/2016completed$25,000.00 3.00% 10 $400.00 $46.00 $241.40117/22/2016 William & Denise Hoops ER-12 806 Holt Ave NW 8/1/2016completed $24,645.003.50%15$567.00$46.00 $176.18128/22/2016 Scot & Kristen Sandhoefner ER-15 703 Jackson Ave NW 9/7/2016completed$25,000.00 2.75% 10 $750.00 $46.00 $238.5313 8/15/2016 Larry & Nancy Krieg ER-14 609 Gates Ave NW 8/19/2016 completed $19,665.00 2.75% 10 $596.00 $46.00$159.79144/13/2017 Linda & Daniel McClellan ER-17 810 Jackson Ave NW 4/21/2017completed$6,534.002.25%5 $650.00 $46.00 $115.24157/25/2017 Kyle & Jennifer Torfin ER-18 1811 Main St. NW 7/31/2017 completed $21,640.00 4.25% 15 $400.00 $46.00 $162.79App. Date Name Project # Home Address Date ApprovedCurrent Status Loan amount Loan rate Loan termLead Paint inspect.Recording FeesMonthly PaymentApp. Date Name Project # Home Address Date ApprovedCurrent Status Loan amount Loan rate Loan termLead Paint inspect.Recording FeesMonthly Payment App. Date Name Project # Home Address Date ApprovedCurrent Status Loan amount Loan rate Loan termLead Paint inspect.Recording FeesMonthly Payment5/16/2018 Lea Raduenz ER-20 1837 8th St. NW 5/17/2018 sent scope of work for approval 6/1App. Date Name Project # Home Address Date ApprovedCurrent Status Loan amount Loan rate Loan termLead Paint inspect.Recording FeesMonthly Payment4/26/2018 Jessica & Lynn Gadach ER-21 870 Vernon Ave 6/1/2018 Initial insp. Completed 6/20App. Date Name Project # Home Address Date ApprovedCurrent Status Loan amount Loan rate Loan termLead Paint inspect.Recording FeesMonthly Payment8/24/2017 Dianna Anderson ER-18 430 Rush Ave NW 8/29/2017closed application at Dianna's request 9/288/5/16 David & Laura Hartfiel ER-13 1017 Main St. NW8/9/2016Dave asked to cancel his application 9/23/163/27/2015 Kara & Joe Holman ER-8 1028 Main St. NW 3/31/2015 file closed on 2/8/16 $5678/20/2014 Lisa Conway ER-2 236 Norfolk Ave. NW 8/21/2014 lost contact closed 2/11/15 $567App. Date Name Home Address Five year total rehab funds below:$467,500Total loan amounts/rehab funds:$311,579Total LBP:$10,206Rehab balance:$145,7152018 Elk River HRA Homeowner Rehab Program Monthly Report July 2018Approved ApplicationsApplications in ProcessProjects Bidding/Waiting for Approved ScopeUpdated: 6/25/18Completed ProjectsProjects Under ConstructionProjects Ready for ConstructionProjects Closed Applications
Borrower Loan Amount
Loan
Origination
Date
Maturity
Date
Monthy
Payment
Amount
Current Loan Balance
Cunningham 1420 5th Street NW 22,069.00$ 2/1/2017 1/1/2027 208.04$ Y $ 19,404.29
Hanson 319 - 2nd Street NW 25,000.00$ 8/1/2017 8/1/2027 241.40$ Y $ (291.85)
Hicks 1205 4th St NW 25,000.00$ 4/1/2016 3/1/2031 175.67$ Y $ 21,922.77
Hoops 806 Holt Avenue NW $ 24,645.00 10/1/2017 10/1/2032 176.18$ Y $ 23,588.19
Krieg 609 Gates Avenue NW $ 19,665.00 10/1/2017 10/1/2027 187.63$ Y $ 18,391.47
Mahon 501 - 6th Street 5,837.00$ 12/1/2015 11/1/2020 100.41$ Y $ 2,769.21
McClellan 810 Jackson Ave NW $ 6,534.00 12/1/2017 12/1/2022 115.24$ Y $ 5,913.15
Menning 525 - 8th St NW 18,657.00$ 9/1/2015 8/1/2025 173.77$ Y $ 13,788.77
Olesen 420 Main St 25,000.00$ 10/1/2015 9/1/2030 171.29$ Y $ 21,278.88
Sandhoefner 730 Jackson Ave NW $ 25,000.00 9/1/2017 9/1/2027 238.53$ Y $ 22,983.39
Stimpson 606 Jefferson Lane NW 20,650.00$ 9/1/2015 8/1/2025 192.33$ Y $ 15,262.35
Swenson 602 Gates Ave NW 25,000.00$ 10/1/2015 9/1/2030 175.67$ Y $ 21,221.48
Totals 243,057.00$ 2,156.16$ 186,232.10$
ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY
REHABILITATION LOAN PROGRAM
Report Dated : June 28, 2018