6.1. HRSR 01-02-2024Request for Action
To Item Number
Housing and Redevelopment Authority 6.1
Agenda Section Meeting Date Prepared by
General Business January 2, 2024 Joshua Mollan, Economic Development Specialist
Item Description Reviewed by
Housing Rehabilitation Loan Program Agreement Brent O’Neil, Economic Development Director
Reviewed by
Cal Portner, City Administrator
Action Requested
Approve, by motion, the 2024 loan origination amendment with Minnesota Center for Energy and Environment
(CEE).
Background/Discussion
The loan origination contract with CEE expires on December 31. An amendment for another one-year extension
has been drawn up. As the administration fee to CEE is increasing from $2,500 to $5,000, the board requested
staff to provide supporting information for this change. CEE facilitates additional loans that support the goal of
our program to improve the housing stock in Elk River (6 closed loans totaling $80,990 outside of the HRA’s
Home Rehab Loan in 2022 and 2023). In addition, CEE provides prompt customer support, accurate monthly
reporting, and occasional social media guidance. Staff recommends amending the loan servicing contract with
CEE, extending the agreement through the remainder of 2024.
Regarding existing loans, CEE reports that all accounts are current and the HRA’s portfolio is performing as
expected with no delinquencies or late payments. There have been no new loans issued this period and $150,000
would be available for new loan disbursements pending an approved amended agreement for 2024.
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
Proposed Amendment to Origination 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:12/1/2023
REPORTING PERIOD:Nov-23
INVESTOR:CITY OF ELK RIVER
212 3rd Avenue North, Suite 560
Minneapolis, MN 55401
REPORTING MONTH: NOVEMBER 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 9 0 0 0 $2,149.12 $1,539.85 $607.27 $0.00 $0.00 $54.00 $0.00 $54.00 $2,095.12
Grand Total 9 0 0 0 $2,149.12 $1,539.85 $607.27 $0.00 $0.00 $54.00 $0.00 $54.00 $2,095.12
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 11/10/2023 $192.33 $184.80 $7.53 0 0 0
ELK RIVER RESIDENTIAL HRA REHAB 19-015204 1420 5TH ST NW 1/25/2017 $22,069.00 11/20/2023 $208.04 $191.63 $16.41 0 0 0
ELK RIVER RESIDENTIAL HRA REHAB 19-015209 609 GATES AVE NW 9/22/2017 $19,665.00 11/10/2023 $187.63 $168.37 $19.26 0 0 0
ELK RIVER RESIDENTIAL HRA REHAB 19-015217 1811 MAIN ST 5/4/2018 $21,640.00 11/10/2023 $162.79 $107.27 $55.52 0 0 0
ELK RIVER RESIDENTIAL HRA REHAB 19-016564 403 3RD ST NW 7/15/2019 $15,252.22 11/15/2023 $154.43 $122.13 $32.30 0 0 0
ELK RIVER RESIDENTIAL HRA REHAB 23-029012 18990 TWIN LAKES RD NW 4/21/2023 $34,749.06 11/18/2023 $260.00 $144.92 $115.08 0 0 0
ELK RIVER RESIDENTIAL HRA REHAB 23-028654 13222 179 1/2 AVE NW 6/16/2023 $33,925.67 11/20/2023 $300.00 $187.08 $112.92 0 0 0
ELK RIVER RESIDENTIAL HRA REHAB 23-029085 17931 GARY ST NW 6/20/2023 $30,223.00 11/20/2023 $306.00 $206.12 $99.88 0 0 0
ELK RIVER RESIDENTIAL HRA REHAB 23-029618 13366 181ST LN NW 10/2/2023 $23,780.00 11/14/2023 $375.90 $227.53 $148.37 0 0 0
$2,147.12 $1,539.85 $607.27
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 $3,753.69 0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 CURRENT 11/10/2023 $192.33
19-015204 1420 5TH ST NW 1/25/2017 $7,537.55 0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 CURRENT 11/20/2023 $208.04
19-015209 609 GATES AVE NW 9/22/2017 $8,079.60 0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 CURRENT 11/10/2023 $187.63
19-015217 1811 MAIN ST 5/4/2018 $15,276.30 0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 CURRENT 11/10/2023 $162.79
19-016564 403 3RD ST NW 7/15/2019 $9,385.12 0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 CURRENT 11/15/2023 $154.43
23-029012 18990 TWIN LAKES RD NW 4/21/2023 $33,729.16 0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 CURRENT 11/18/2023 $260.00
23-028654 13222 179 1/2 AVE NW 6/16/2023 $33,051.86 0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 CURRENT 11/20/2023 $300.00
23-029085 17931 GARY ST NW 6/20/2023 $29,192.83 0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 CURRENT 11/20/2023 $306.00
23-029618 13366 181ST LN NW 10/2/2023 $23,552.47 0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 CURRENT 11/14/2023 $375.90
$163,558.58 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 2,147.12$
AGING DELINQUENCY DETAIL PER ACCOUNT AS OF 11/30/2023
Nov-23
CEE Monthly Loan Activity Summary
1/2/24 6.1 at2
Amendment 3 2024 Elk River HRA
AMENDMENT 3 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 3rd Avenue North, Suite 560,
Minneapolis, Minnesota 55401 (“CEE”) is hereby amended.
1. Section 2 and 5 of the Agreement are hereby revised as follows:
Section 2. Compensation of the agreement shall be amended to read:
2.1 The Authority shall compensate CEE for services provided under this agreement according
to the following schedule and more fully described in Exhibit B3 attached hereto:
Loan Origination Fee $750
The Authority shall pay CEE an Origination Fee for each loan closed using the
Authority Funded Program.
Annual Administrative Fee $5,000
This shall be due January 1st of each calendar year the contract is in effect.
Remodeling Advisor Visit (RAV) $250
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, 2024 and continue through December 31,
2024.
Amendment 3 2024 Elk River HRA
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 _________________________
#
By ___________________________ TAX ID 41-1647799
Executive Director
Date __________________________