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Housing and Redevelopment Minutes Page 4 <br /> October 6,2014 <br /> Mr. Barnhart noted that$100,000 was budgeted this year for the Housing <br /> Rehabilitation project and$100,000 for next year. He stated that 15 percent of the <br /> funds will be used for administration fees,leaving 85 percent ($85,000) for projects. <br /> Mr. Barnhart stated that 4 projects have been approved and the lead inspection has <br /> been completed on one of these projects. He explained that one the lead <br /> inspections/abatements have been completed, they will know how much money they <br /> have left for projects. He noted that there are also two applicants on a waiting list. <br /> He stated that if the program is successful, the HRA may wish to increase the <br /> funding amount or the term of the program,which currently is three years. <br /> Commissioner Motin asked how much money will be used for the first four projects. <br /> Barnhart stated that the maximum loan amount per project is $25,000, and with <br /> $85,000, they could fund three projects. With the results of lead testing, the project <br /> scopes are more defined, and the HRA could possibly fund those waiting list <br /> projects, assuming the original 3 projects fall in the $14,000 range.The HRA is not <br /> limited to the number of projects,just the amount of the loans. <br /> Commissioner Motin asked where the homes are located. Mr. Barnhart stated he <br /> could provide that information at the next HRA meeting. He noted that the <br /> applications started out slow as CMHP started getting the word out. There may be a <br /> need and desire to increase funding. <br /> 8.1 Announcements <br /> There were no announcements. <br /> 9. Adjournment <br /> There being no further business, Chair Wilson adjourned the meeting of the Elk <br /> River Housing and Redevelopment Authority at 6:05 p.m. <br /> Tina Allard, City Clerk <br /> Stewart Wilson, Chair <br /> Housing&Redevelopment Authority <br /> P—ONERED OC <br /> NATURE <br />