6.1. HRSR 12-04-2023Request for Action
To Item Number
Housing and Redevelopment Authority 6.1
Agenda Section Meeting Date Prepared by
General Business December 4, 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 proposed 2024 loan origination agreement.
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. On October 2, CEE closed on a new
loan for $23,780.00. CEE invoiced the loan amount as well as the $750 origination fee leaving $17,322.27 in
remaining funds available for new loan disbursements in 2023. After more than two years with no loans issued,
this marks four loans issued directly from the HRA’s funds so far in 2023. We attribute this, in part, to shifts in
marketing the program. Further, five additional loans have been issued in Elk River through CEE’s partnership
with Minnesota Housing Finance Agency.
The loan origination contract with CEE is set to expire on December 31. A new contract or another one-year
renewal would be necessary to continue the partnership with CEE in 2024. The administration fee for all cities
was increased to $5,000 last year but it was negotiated to continue the existing $2,500 administration fee for Elk
River through 2023. However, CEE advised that the fee would need to be increased to $5,000 in 2024. Staff will
be working with CEE and will make a recommendation for HRA consideration in January.
Lastly, we have received an additional inquiry from a homeowner outside of the Urban Services District making
them ineligible under current guidelines. Based on board feedback, staff can propose revised guidelines to the
HRA in January.
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
Existing CEE Agreement
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
CEE SERVICING
REPORT TYPE:INVOICE REPORT
DATA SET DATE:11/1/2023
REPORTING PERIOD:Oct-23
INVESTOR:CITY OF ELK RIVER
212 3rd Avenue North, Suite 560
Minneapolis, MN 55401
REPORTING MONTH: OCTOBER 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 INDEX Sum of TRNX INDEX Sum of DELINQ INDEX Sum of PMNT AMOUNT Sum of PRN COLLECTED Sum of INT COLLECTED
HRA REHAB 9 1 0 0 $1,771.22 $1,322.92 $448.30 $20.00 $0.00 $54.00 $0.00 $74.00 $1,697.22
Grand Total 9 1 0 0 $1,771.22 $1,322.92 $448.30 $20.00 $0.00 $54.00 $0.00 $74.00 $1,697.22
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 10/10/2023 $192.33 $184.20 $8.13 0 0 0
ELK RIVER RESIDENTIAL HRA REHAB 19-015204 1420 5TH ST NW 1/25/2017 $22,069.00 10/20/2023 $208.04 $191.77 $16.27 0 0 0
ELK RIVER RESIDENTIAL HRA REHAB 19-015209 609 GATES AVE NW 9/22/2017 $19,665.00 10/10/2023 $187.63 $168.60 $19.03 0 0 0
ELK RIVER RESIDENTIAL HRA REHAB 19-015217 1811 MAIN ST 5/4/2018 $21,640.00 10/10/2023 $162.79 $108.67 $54.12 0 0 0
ELK RIVER RESIDENTIAL HRA REHAB 19-016564 403 3RD ST NW 7/15/2019 $15,252.22 10/15/2023 $154.43 $122.77 $31.66 0 0 0
ELK RIVER RESIDENTIAL HRA REHAB 23-029012 18990 TWIN LAKES RD NW 4/21/2023 $34,749.06 10/18/2023 $260.00 $148.15 $111.85 0 0 0
ELK RIVER RESIDENTIAL HRA REHAB 23-028654 13222 179 1/2 AVE NW 6/16/2023 $33,925.67 10/20/2023 $300.00 $190.10 $109.90 0 0 0
ELK RIVER RESIDENTIAL HRA REHAB 23-029085 17931 GARY ST NW 6/20/2023 $30,223.00 10/20/2023 $306.00 $208.66 $97.34 0 0 0
ELK RIVER RESIDENTIAL HRA REHAB 23-029618 13366 181ST LN NW 10/2/2023 $23,780.00 NEW LOAN $0.00 $0.00 $0.00 0 1 0
$1,771.22 $1,322.92 $448.30
CEE SERVICING
REPORT TYPE:AGING DELINQUENCY REPORT
DATA SET DATE:11/1/2023
REPORTING PERIOD:Oct-23
INVESTOR:CITY OF ELK RIVER
AGING DELINQUENCY DETAIL PER ACCOUNT AS OF 10/31/2023
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 $3,938.49 0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 CURRENT 10/10/2023 $192.33
19-015204 1420 5TH ST NW 1/25/2017 $7,729.18 0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 CURRENT 10/20/2023 $208.04
19-015209 609 GATES AVE NW 9/22/2017 $8,247.97 0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 CURRENT 10/10/2023 $187.63
19-015217 1811 MAIN ST 5/4/2018 $15,383.57 0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 CURRENT 10/10/2023 $162.79
19-016564 403 3RD ST NW 7/15/2019 $9,507.25 0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 CURRENT 10/15/2023 $154.43
23-029012 18990 TWIN LAKES RD NW 4/21/2023 $33,874.08 0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 CURRENT 10/18/2023 $260.00
23-028654 13222 179 1/2 AVE NW 6/16/2023 $33,238.94 0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 CURRENT 10/20/2023 $300.00
23-029085 17931 GARY ST NW 6/20/2023 $29,398.95 0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 CURRENT 10/20/2023 $306.00
23-029618 13366 181ST LN NW 10/2/2023 $23,780.00 0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 NEW LOAN NEW LOAN $0.00
$165,098.43 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 1,771.22$
CEE Monthly Loan Activity Summary
12/4/23 6.1 at2
Amendment 1 2 2022 2023 Elk River HRA
AMENDMENT 2 to the LOAN ORIGINATION AGREEMENT
Between
HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF ELK
RIVER And
CENTER FOR ENERGY AND ENVIRONMENT
The Agreement made the 4th day of February, 2019 by and between the HOUSING AND
REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF ELK RIVER, with offices at
13065 Orono Parkway, Elk River, MN 55430, (the “Authority”), and the CENTER FOR
ENERGY AND ENVIRONMENT, with its offices at 212 3 rd Avenue North, Suite 560,
Minneapolis, Minnesota 55401 (“CEE”) is hereby amended.
1. Section 5 of the Agreement are hereby revised as follows:
Section 5. Term and Termination of the agreement shall be amended to read:
5.1 Unless earlier terminated as provided in the following paragraphs, this Agreement
shall become effective on January 1, 2022 and continue through December 31,
2023.
IN WITNESS WHEREOF, the parties hereunder set their hands as of the date written below:
HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE CITY
OF ELK RIVER
CENTER FOR ENERGY AND
ENVIRONMENT
By ___________________________ By __________________________
Chair Person
Date __________________________
Date _________________________
#4113
By ___________________________ TAX ID 41-1647799
Executive Director
Date __________________________
DocuSign Envelope ID: 3ABB0D59-6593-4070-81E2-1B6B8E84D607
1/3/2023
Chief Operating Officer
1/6/2023
1/8/2023
Certificate Of Completion
Envelope Id: 3ABB0D596593407081E21B6B8E84D607 Status: Completed
Subject: Elk River Amendment for 2023
Source Envelope:
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Certificate Pages: 5 Initials: 0 Jim Hasnik
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212 3rd Avenue North
Minneapolis, MN 55401
jhasnik@mncee.org
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12/29/2022 10:04:53 AM
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jhasnik@mncee.org
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Center for Energy and Environment
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Center for Energy and Environment
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