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8.1. HRSR 12-07-2020 �J etyof ElkRequest for Action River To Item Number Housing and Redevelopment Authority =8.1 Agenda Section Meeting Date Prepared by Work Session December 7, 2020 Colleen Eddy, Economic Development Specialist Item Description Reviewed by Center for Environment and Energy (CEE) Programs Cal Portner, City Administrator Discussion Reviewed by Action Requested Receive information on the various programs offered through CEE. Background/Discussion Jim Hasnik,Director of Lending Services at CEE,will discuss the various programs offered through CEE to better understand how the HRA can increase participation in its loan program and to discuss possible program modifications. 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 ■ HRA Rehab Loan Program Policy ■ CEE Programs Presentation 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 I= - CD 9 CD (D M C CLCC S m C CD 0 m m CM l< m m C O CD 7 CD m C 0 C z G) r- 0 0 ..0 0 Z Q 0 ['7 3 n CL (D cm rD 0 m m x 2 a CD CD CD E2 77C Cp 2 a 73 7 Q. CD (D _ 0 m CD [tj v ❑_ m _ C a CD ❑ > D= ❑ - LA N• Q D n o m a CD x n CO ❑ fG C pr.�. 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Center for Energy and Environment CenterPoint EZPAY Loan Program Financing can be used for Energy Efficiency Projects such as: HVAC Water Heating Insulation and Air Sealing 4.5% Up to $20,000 and up to 10 year term No Debt to Income or Loan to Value Ratio requirements No Income Limits Minimum credit score requirement of 600 cee ; Center for Energy and Environment Home Improvement Programs • Home Improvement Funded by CEE and MHFA Rates range from 2% - 3.75% Up to $50,000 Up to 20 year loan terms Rates range from 0% - 3.75% Debt to Income Ratio of 48% (MHFA), 43% (CEE) Loan to Value Ratio of 110% (MHFA), 100% (CEE) MHFA income limit of $154,600 (qualifying income) and no income limit for CEE Program Unsecured options available cee ,. Center for Energy and Environment Commercial Loan Programs • Up to $100,000 • Up to 10 year loan terms • For-profit entities Rates from 1 % - 5.99% • Non-profit entities (501 c3) 0% loan for Xcel OSES Lighting Projects • Eligible projects include upgrades to: Geothermal Lighting technology HVAC controls Refrigeration equipment Envelope air sealing and insulation Solar cee0 Fg. 0 Center for Energy and Environment •ar•ussaaaaaaaaaarrarswssssu urwwwararrrrrrrrrrrrrssrrrrsraaaaaawaawurrr• ••sa sssssssaassaasawwsssssasss warty•wassrrwrarrarwsw wwwwasassaaassasrrrr• •aa ssssssasssssssaasassasws ws ws wssw sssaswwwaasswsw ws wswa wsraswsaassss as ass• rrrrrrrruruarrarrrrrrrrrrrrrrrrrrr••rrrrrrrrrrrrrrrrrrrrrr•rrrsrrsrrar.rrrr ur ••ssrrrrsrssrssrsssssrrrrrrrrrrrrrrrrrssssrsrrrrrrrrrrrrrrrrrrssssssssrrrrrrrrr• ••aa uaaaaaasauaaaaaasassaaaa urrwraru••ssuraraaaaaaarrarra•••usaaaasaasaa• •aaaaaaaasu waaaaasrrsssaaaaowwwwu••rrrrrrrrrrau orwrausuaarraaaarsa• wssssaassssssaaawwssssssaaasssswwwwassaswwwwuwu•wwwwasssaaraawwsrrsa• ••sssssssssssssssassssssassssssasssw•sassrssswwwwwww wswrwssrsarrrsarrssssr •sssasasssssaaaarsssssssss•uas uaaw•ssssassssruaaaasssrrsrsuwrssarasaa urs• •sasassaaasaaaaas••ssssssassssswwaassssssssaauau sssssruwwaaaaararr•u•r• rssssssssssasaarrarsssssssssssss•wasrrr•sarrsrwwws•w•aswraaaaaaaasrarrrrr• •w wssss wsssasaassssswwwas sassswasassaawawwwsssswswwwwaawsaasrarrrr• •aaaraas u•uaaaaaaaasarsrsra�arHaauuu•wwrrMwwaaarsrraruurrar••aaaa••aaa• u•aasssasasrasarsaaaasssssrssrrrrra•uu••swwwrwrrrussswwewrrarrarrsaarr••rer• ••sssssssssssrrsrsssrsrrrrrrrrrrrrrrssssssrswwsrrrrrrrrrrrrrrwrsrasssrrrsrrwsrs• rrr••••ra.J•aaaaaaaHpMaar••aaaaarraa N rrrr••rrrriiiraarrrff••r••aiarraaaaa H• saararrsssssaaaas••saarsassrssrwsrsrsarrsrrrrrr••rrrrrrawsrrrraaaaaaaaaasaararr ••rsssasssssrsasaarwwwsraswsssw uarrrrrssrrrrrrwrwwwwswwrwaaaaaaaasaarrrrra THAN V Jim Hasnik 6 cee:9 Center for Energy and Environment