7.1. HRSR 09-08-2020 �J
etyof
ElkRequest for Action
River
To Item Number
Housing and Redevelopment Authoritv 7.1
Agenda Section Meeting Date Prepared by
General Business September 8, 2020 Colleen Eddy, Economic Development Specialist
Item Description Reviewed by
HRA Housing Rehabilitation Loan Program Update Amanda Othoudt,ED Director
Reviewed by
Cal Portner, City Administrator
Action Requested
Receive update on the Rehabilitation Loan Program.
Background/Discussion
CEE reported receiving three new applications in August and they still have two in the final stages of review
from last month.
On the loan serving side,we received a check from the past due homeowner for$400.00 before the end of the
month to cover last month's payment and this month's payment. It has not cleared the bank yet and is not
included within the monthly loan report. The homeowner committed to making another payment by the end of
next week.
CEE's representative reviewed data with their legal counsel and they are of the opinion that the HRA cannot
ask the past due homeowner to list their property. They suggest working with the homeowner by offering a
loan modification to bring the account current. Our HRA attorney agrees with this approach.
Financial Impact
N/A
Mission/Policy/Goal
The goal of the HRA is to improve existing housing stock by offering incentives or programs to repair and
maintain residential properties.
Attachments
■ CEE Monthly Loan 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
CEE SERVICING
REPORT TYPE:TRIAL BALANCE REPORT SUMMARY
REPORT DATE:8/30/2020
REPORT PERIOD:Aug-20
INVESTOR:ELK RIVER
TRIAL BALANCE PER POOL AS OF 8/30/2020
POOL LOAN COUNT LOAN VOLUME UNPAID PRN BAL
HRA REHAB 13 254,949.22$186,888.26$
Grand Total 13 254,949.22$186,888.26$
TRIAL BALANCE SUMMARY PER LOAN AS OF 8/30/2020
LOAN #POOL PROPERTY CONTRACT DATE INT RATE LOAN AMOUNT UNPAID PRN BAL
19-015215 HRA REHAB 606 JEFFERSON LN NW 8/3/2015 2.25 20,650.00$10,715.72$
19-015212 HRA REHAB 525 8TH ST NW 8/3/2015 2.25 18,657.00$9,862.43$
19-015216 HRA REHAB 602 GATES AVE NW 9/3/2015 3.25 25,000.00$17,962.62$
19-015210 HRA REHAB 501 6TH ST 10/22/2015 1.25 5,837.00$201.36$
19-015207 HRA REHAB 1205 4TH ST NW 3/13/2016 4.00 25,000.00$20,249.37$
19-015204 HRA REHAB 1420 5TH ST NW 1/25/2017 2.50 22,069.00$14,734.40$
19-015208 HRA REHAB 806 HOLT AVE NW 9/10/2017 3.50 24,645.00$20,377.67$
19-015209 HRA REHAB 609 GATES AVE NW 9/22/2017 2.75 19,665.00$14,381.54$
19-015211 HRA REHAB 810 JACKSON AVE NW 10/31/2017 2.25 6,534.00$3,032.00$
19-015217 HRA REHAB 1811 MAIN ST 5/4/2018 4.25 21,640.00$19,227.58$
19-015206 HRA REHAB 870 VERNON AVE 12/27/2018 4.00 25,000.00$18,805.72$
19-016434 HRA REHAB 19135 TROY STREET NW 7/5/2019 4.00 25,000.00$23,456.88$
19-016564 HRA REHAB 403 3RD ST NW 7/15/2019 4.00 15,252.22$13,880.97$
254,949.22$186,888.26$
6 MONTH COMPARATIVE REPORT
REPORTED MONTH LOAN COUNT UNPAID PRN BAL
Mar-20 14 214,732.74$
Apr-20 14 212,544.97$
May-20 14 191,982.29$
Jun-20 13 189,956.00$
Jul-20 13 188,203.91$
Aug-20 13 186,888.26$
CEE SERVICING
REPORT TYPE:TRIAL BALANCE REPORT DETAIL
REPORT DATE:8/30/2020
REPORT PERIOD:Aug-20
INVESTOR:ELK RIVER
ACCOUNT DETAIL FOR ACTIVE LOANS AS OF 8/30/2020
LOAN #PORTFOLIO POOL ADDRESS CITY STATE ZIP CODE INT RATE CONTRACT MATURITY LOAN AMOUNT TERM UNPD PRN BAL RMNG TERM
19-015215 ELK RIVER RESIDENTIAL HRA REHAB 606 JEFFERSON LN NW ELK RIVER MN 55330 2.25 8/3/2015 8/1/2025 20,650.00$120 10,715.72$60
19-015212 ELK RIVER RESIDENTIAL HRA REHAB 525 8TH ST NW ELK RIVER MN 55330 2.25 8/3/2015 8/1/2025 18,657.00$120 9,862.43$60
19-015216 ELK RIVER RESIDENTIAL HRA REHAB 602 GATES AVE NW ELK RIVER MN 55330 3.25 9/3/2015 9/1/2030 25,000.00$180 17,962.62$120
19-015210 ELK RIVER RESIDENTIAL HRA REHAB 501 6TH ST ELK RIVER MN 55330 1.25 10/22/2015 11/1/2020 5,837.00$60 201.36$3
19-015207 ELK RIVER RESIDENTIAL HRA REHAB 1205 4TH ST NW ELK RIVER MN 55330 4.00 3/13/2016 3/13/2031 25,000.00$180 20,249.37$128
19-015204 ELK RIVER RESIDENTIAL HRA REHAB 1420 5TH ST NW ELK RIVER MN 55330 2.50 1/25/2017 1/1/2027 22,069.00$120 14,734.40$77
19-015208 ELK RIVER RESIDENTIAL HRA REHAB 806 HOLT AVE NW ELK RIVER MN 55330 3.50 9/10/2017 9/1/2032 24,645.00$180 20,377.67$143
19-015209 ELK RIVER RESIDENTIAL HRA REHAB 609 GATES AVE NW ELK RIVER MN 55330 2.75 9/22/2017 9/1/2027 19,665.00$120 14,381.54$85
19-015211 ELK RIVER RESIDENTIAL HRA REHAB 810 JACKSON AVE NW ELK RIVER MN 55330 2.25 10/31/2017 11/1/2022 6,534.00$60 3,032.00$27
19-015217 ELK RIVER RESIDENTIAL HRA REHAB 1811 MAIN ST ELK RIVER MN 55330 4.25 5/4/2018 5/1/2033 21,640.00$180 19,227.58$153
19-015206 ELK RIVER RESIDENTIAL HRA REHAB 870 VERNON AVE ELK RIVER MN 55330 4.00 12/27/2018 5/1/2028 25,000.00$120 18,805.72$87
19-016434 ELK RIVER RESIDENTIAL HRA REHAB 19135 TROY STREET NW ELK RIVER MN 55330 4.00 7/5/2019 7/5/2034 25,000.00$180 23,456.88$166
19-016564 ELK RIVER RESIDENTIAL HRA REHAB 403 3RD ST NW ELK RIVER MN 55330 4.00 7/15/2019 7/15/2029 15,252.22$120 13,880.97$107
254,949.22$186,888.26$
CEE SERVICING
REPORT TYPE:AGING DELINQUENCY REPORT
REPORT DATE:8/30/2020
REPORT PERIOD:Aug-20
INVESTOR:ELK RIVER
AGING DELINQUENCY DETAIL PER ACCOUNT AS OF 8/30/2020
LOAN #BORROWER ADDRESS CONTRACT UNPD PRN BAL DPD TOTAL DUE 1 TO 15 DPD 15+ DPD 30+ DPD 60+ DPD 90+ DPD UNPD LATE FEES STATUS LAST PMNT DATE LAST PMNT AMNT
19-015215 606 JEFFERSON LN NW 8/3/2015 10,715.72$0 -$-$-$-$-$-$-$Current Loan 8/10/2020 192.33$
19-015212 525 8TH ST NW 8/3/2015 9,862.43$0 -$-$-$-$-$-$-$Current Loan 8/12/2020 173.77$
19-015216 602 GATES AVE NW 9/3/2015 17,962.62$0 -$-$-$-$-$-$-$Current Loan 7/31/2020 180.00$
19-015210 501 6TH ST 10/22/2015 201.36$0 -$-$-$-$-$-$-$Current Loan 8/26/2020 100.41$
19-015207 1205 4TH ST NW 3/13/2016 20,249.37$488 3,137.48$-$175.67$175.67$175.67$2,452.43$158.04$365+ DPD 6/25/2020 200.00$
19-015204 1420 5TH ST NW 1/25/2017 14,734.40$0 -$-$-$-$-$-$-$Current Loan 8/20/2020 208.04$
19-015208 806 HOLT AVE NW 9/10/2017 20,377.67$0 -$-$-$-$-$-$-$Current Loan 8/5/2020 200.00$
19-015209 609 GATES AVE NW 9/22/2017 14,381.54$0 -$-$-$-$-$-$-$Current Loan 8/10/2020 187.63$
19-015211 810 JACKSON AVE NW 10/31/2017 3,032.00$0 -$-$-$-$-$-$-$Current Loan 8/2/2020 115.24$
19-015217 1811 MAIN ST 5/4/2018 19,227.58$0 -$-$-$-$-$-$-$Current Loan 8/10/2020 162.79$
19-015206 870 VERNON AVE 12/27/2018 18,805.72$0 -$-$-$-$-$-$-$Current Loan 7/29/2020 400.00$
19-016434 19135 TROY STREET NW 7/5/2019 23,456.88$0 -$-$-$-$-$-$-$Current Loan 8/5/2020 200.00$
19-016564 403 3RD ST NW 7/15/2019 13,880.97$0 -$-$-$-$-$-$-$Current Loan 8/15/2020 154.43$
186,888.26$3,137.48$-$175.67$175.67$175.67$2,452.43$158.04$