6.1. HRSR 05-01-2023
Request for Action
To Item Number
Housing and Redevelopment Authority 6.1
Agenda Section Meeting Date Prepared by
General Business May 1, 2023 Joshua Mollan, Economic Development Specialist
Item Description Reviewed by
Housing Rehabilitation Loan Program Update Brent O’Neil, Economic Development Director
Reviewed by
Cal Portner, City Administrator
Action Requested
Receive updates on the Housing Rehabilitation Loan Program and review the current loan documents.
Background/Discussion
The Minnesota Center for Energy and Environment (CEE) reports that all accounts are current and the HRA’s
portfolio is performing as expected with no delinquencies or late payments. Since the last meeting, there have been
multiple inquiries; however, there have been no new loans issued and $150,000 remains available for new loan
disbursements.
As discussed in prior meetings, CEE currently has multiple agreements and disclosure documents necessary to be
completed prior to loan disbursement. There has been at least one recent case where the amount of paperwork
was the stated reason an applicant did not follow through with the loan. We have been informed by CEE that the
documents are standard required paperwork to properly execute loans. CEE suggested there is not flexibility for
minimization of required paperwork or to make changes.
Financial Impact
N/A
Mission/Policy/Goal
Improve existing housing stock by offering incentives or programs to repair and maintain residential properties.
Attachments
CEE Monthly Loan Activity Report
CEE Monthly Loan Activity Summary
The Elk River Vision
A welcoming community with revolutionary and spirited resourcefulness, exceptional
service, and community engagement that encourages and inspires prosperity.
Updated: January 2023
CITY OF ELK RIVER
OPERATIONAL RESULTS
MARCH 2023
Data set: April 1st, 2023
LOAN SERVICING DEPARTMENT
CEE SERVICING
REPORT TYPE:INVOICE REPORT
DATA SET DATE:4/1/2023
REPORTING PERIOD:Mar-23
INVESTOR:CITY OF ELK RIVER
212 3rd Avenue North, Suite 560
Minneapolis, MN 55401
REPORTING MONTH: MARCH 2023 Ph.: 612.455.7805
POOL Total Count of
Loans New Loans Added Loans Transferred for
Serviving
Count of Active
Delinquent
Accounts
Total Amount
Collected During
the Month
Principal Collected
During the Month
Interest Collected
During the Month
New Loan On-
boarding Fee @
$20/Account
Loan Transfer On-
Boarding Fee @
$20/Account
Monthly Servicing
@ $6/Account
Delinquent Loan
Management @
$3/Account
Total Monthly
Fees
Netted Amount to
Transfer to
Investor
Row Labels Count of LOAN #Sum of NEW LN INDEXSum of TRNX INDEX Sum of DELINQ INDEXSum of PMNT AMOUNTSum of PRN COLLECTEDSum of INT COLLECTED
HRA REHAB 5 0 0 0 $905.22 $773.16 $132.06 $0.00 $0.00 $30.00 $0.00 $30.00 $875.22
Grand Total 5 0 0 0 $905.22 $773.16 $132.06 $0.00 $0.00 $30.00 $0.00 $30.00 $875.22
ACCOUNT DETAIL FOR INVOICING
PORTFOLIO POOL LOAN #PROPERTY CONTRACT DATE LOAN AMOUNT PMNT DATE PMNT AMOUNT PRN COLLECTED INT COLLECTED TRNX INDEX NEW LN INDEX DELINQ INDEX
ELK RIVER RESIDENTIAL HRA REHAB 19-015215 606 JEFFERSON LN NW 8/3/2015 $20,650.00 3/9/2023 $192.33 $183.33 $9.00 0 0 0
ELK RIVER RESIDENTIAL HRA REHAB 19-015204 1420 5TH ST NW 1/25/2017 $22,069.00 3/20/2023 $208.04 $190.29 $17.75 0 0 0
ELK RIVER RESIDENTIAL HRA REHAB 19-015209 609 GATES AVE NW 9/22/2017 $19,665.00 3/10/2023 $187.63 $167.41 $20.22 0 0 0
ELK RIVER RESIDENTIAL HRA REHAB 19-015217 1811 MAIN ST 5/4/2018 $21,640.00 3/10/2023 $162.79 $109.85 $52.94 0 0 0
ELK RIVER RESIDENTIAL HRA REHAB 19-016564 403 3RD ST NW 7/15/2019 $15,252.22 3/15/2023 $154.43 $122.28 $32.15 0 0 0
$905.22 $773.16 $132.06
CEE SERVICING
REPORT TYPE:AGING DELINQUENCY REPORT
DATA SET DATE:4/1/2023
REPORTING PERIOD:Mar-23
INVESTOR:CITY OF ELK RIVER
AGING DELINQUENCY DETAIL PER ACCOUNT AS OF 3/31/2023
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 $5,222.88 0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 CURRENT 3/9/2023 $192.33
19-015204 1420 5TH ST NW 1/25/2017 $9,060.97 0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 CURRENT 3/20/2023 $208.04
19-015209 609 GATES AVE NW 9/22/2017 $9,417.59 0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 CURRENT 3/10/2023 $187.63
19-015217 1811 MAIN ST 5/4/2018 $16,129.09 0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 CURRENT 3/10/2023 $162.79
19-016564 403 3RD ST NW 7/15/2019 $10,353.89 0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 CURRENT 3/15/2023 $154.43
$50,184.42 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 905.22$
CEE Monthly Loan Activity Summary
5/1/23 6.1 at2
Loan #Loan Amount Contract Maturity Delinquency Rate Feb Pymt Mar Pymt Balance
19-015215 20,650.00$ 8/3/2015 8/1/2025 N/A 2.25%192.33$ 192.33$ 5,222.88$
19-015204 22,069.00$ 1/25/2017 1/1/2027 N/A 2.50%208.04$ 208.04$ 9,060.97$
19-015209 19,665.00$ 9/22/2017 9/1/2027 N/A 2.75%187.63$ 187.63$ 9,417.59$
19-015217 21,640.00$ 5/4/2018 5/1/2033 N/A 4.25%162.79$ 162.79$ 16,129.09$
19-016564 15,252.22$ 7/15/2019 7/15/2029 N/A 4.00%154.43$ 154.43$ 10,353.89$
Total 99,276.22$ 905.22$ 905.22$ 50,184.42$