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Housing and Redevelopment Minutes Page 2 <br />May 4, 2015 <br />7.1 Housing & Redevelopment Authority (HRA) Housing TIF Policy <br />Amanda Othoudt presented the staff report. <br />Motion by Commissioner Chuba and seconded by Commissioner Toth to approve <br />the amended Housing & Redevelopment Authority Housing TIF Policy and Score <br />Sheet. Motion carried 5 -0. <br />7.2 HRA Rehabilitation Loan Program <br />Colleen Eddy presented the staff report. <br />Motion by Commissioner Chuba and seconded by Commissioner Kuester to approve <br />the mortgages and repayment agreements per the Rehabilitation Loan Program <br />Policies: <br />1. 606 Jefferson Lane NW - $20,650 <br />2. 928 Main Street NW - $24,900 <br />Motion carried 5 -0. <br />Ms. Eddy stated that she will ask CMHP to provided addresses on their updates to the HRA. <br />The HRA adjourned to worksession at 5:40 p.m. <br />8.1 Worksession - Demolition Loan Program <br />Ms. Eddy reviewed the Demolition Loan Program policy and application drafted by the city <br />attorney. <br />Chair Wilson stated the program offered a lower interest rate and quicker repayment term <br />for the demolition portion of a rehab project, than a traditional loan. <br />Commissioner Chuba asked if staff could foresee any issues a property owner might have <br />with title insurance. Ms. Eddy stated she would ask the city attorney. <br />Chair Wilson suggested the option of a forgivable loan after 10 years would be incentive for <br />a property owner to demolish an existing blighted home and build a new one. <br />Ms. Othoudt stated the HRA can decide if the program will be strictly a low interest loan <br />program in which the funds are eventually recaptured and can be used then for other <br />projects; or, a forgivable loan where the funds are just given away. <br />Commissioner Burandt asked how far $15,000 would go. Ms. Eddy stated that it would <br />likely not cover all demolition costs. <br />