7.1 HRSR 05-05-2014 - Laserfiche WebLink

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Revision Request Form will transfer funds in the amount of$100,000 from the HRA fund balance to the contractual services line item. The policies,procedures and related documents have been reviewed by the HRA's attorney.As a result of that review the policies and procedures and related documents have been revised to reflect a condition that qualifying homeowners must not exceed moderate income limits. Copies of the updated policies and procedures and related documents are attached. Because the attorney review resulted in a change in the documentation that would impose income limitations on the program, the HRA is asked to consider whether it prefers to proceed with the program on the current timeline with the income restrictions or delay the program to qualify it as a redevelopment project in which no income limitations are imposed. If the HRA prefers to proceed with the program on the current timeline with the income restrictions, the HRA is asked to both approve budget amendment the policies &procedures and also make recommendation to the City Council on the same. Alternatively,if the HRA prefers to undertake the program without the income restrictions,the HRA is asked to recommend to the City Council to call public hearing to consider a Redevelopment Plan to undertake the Owner-Occupied Housing Rehabilitation Program in the Target Area. The alternative action follows: Alternative Action Requested Recommend,by motion, the City Council call public hearing on June 16,2014 to consider a Redevelopment Plan as part of the Owner-Occupied Housing Rehabilitation Program in the Target Area. Jenny Boulton, the HRA's attorney from Kennedy& Graven will be present to explain the HRA's options in greater detail. Financial Impact $100,000 will be transferred from the fund balance to the contractual services line item. The balance is currently$922,696. Attachments • Resolution Approving Housing Rehabilitation Loan Program • HRA Rehab Loan Policies and Procedures, (Final&Redline Copy) • HRA Rehab Loan Administration Agreement, (Final&Redline Copy) • HRA Rehab Loan Application, (Final&Redline Copy) • HRA Rehab Contract Owner Contract, (Final&Redline Copy) • HRA Rehab Mortgage&Repayment Agreement, (Final&Redline Copy) • Budget Amendment Revision Request Form • Timeline for Approval of Redevelopment Plan and Project •C:\Documents and Settings\jsb\Application Data\Hummingbird\DM\Temp\DOCSOPEN-#443276-v4- EIk_River_HRA_Rehab_Loan_STAFF REPORT.docx