10-06-2014 HRA MIN - Laserfiche WebLink

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Housing and Redevelopment Minutes Page 4 October 6,2014 Mr. Barnhart noted that$100,000 was budgeted this year for the Housing Rehabilitation project and$100,000 for next year. He stated that 15 percent of the funds will be used for administration fees, leaving 85 percent ($85,000) for projects. Mr. Barnhart stated that 4 projects have been approved and the lead inspection has been completed on one of these projects. He explained that one the lead inspections/abatements have been completed, they will know how much money they have left for projects. He noted that there are also two applicants on a waiting list. He stated that if the program is successful, the HRA may wish to increase the funding amount or the term of the program,which currently is three years. Commissioner Motin asked how much money will be used for the first four projects. Barnhart stated that the maximum loan amount per project is $25,000, and with $85,000, they could fund three projects. With the results of lead testing, the project scopes are more defined, and the HRA could possibly fund those waiting list projects, assuming the original 3 projects fall in the$14,000 range. The HRA is not limited to the number of projects,just the amount of the loans. Commissioner Motin asked where the homes are located. Mr. Barnhart stated he could provide that information at the next HRA meeting. He noted that the applications started out slow as CMHP started getting the word out. There may be a need and desire to increase funding. 8.1 Announcements There were no announcements. 9. Adjournment There being no further business, Chair Wilson adjourned the meeting of the Elk River Housing and Redevelopment Authority at 6:05 p.m. _Th -C.G Tina Allard, City Clerk . fJ'1 �✓ - Stewart Wilson, hair Housing&Redevelopment Authority PONENE11 MY NATURE