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CIt Of <br /> 1 Request for Action <br /> River <br /> To Item Number <br /> Housing and Redevelopment Authority 7.1 <br /> Agenda Section Meeting Date Prepared by <br /> General Business November 2,2015 Colleen Eddy, Economic Development Specialist <br /> Item Description Reviewed by <br /> Update on HRA Rehabilitation Loan Program Amanda Othoudt, EDD <br /> Reviewed by <br /> Cal Portner, City Administrator <br /> Action Requested <br /> • Receive information on the city's Housing Rehabilitation Program. <br /> • Approve, by motion, one mortgage and repayment agreement. <br /> Background/Discussion <br /> Four projects have been completed to date, one project is waiting to be recorded, two are currently under <br /> construction, and one is waiting for HRA approval. <br /> Over$167,021 has been disbursed over the three-year rehabilitation program period. <br /> The mortgage and repayment agreement being requested for approval tonight is a binding agreement <br /> between the homeowner and CMHP. Once the project is complete, the HRA will receive an executable <br /> mortgage and repayment agreement which will include truth in lending agreements and the amortization <br /> schedule and any additional required documents. <br /> Staff continues to work with CMHP on advertising. An advertisement is included in the winter edition of <br /> the Elk River Current. Staff is also advertising the program through social media and will host an <br /> upcoming informational meeting before the end of the year. <br /> Financial Impact <br /> None <br /> Attachments <br /> • CMHP Monthly Report dated October of 2015 <br /> • Mortgage and Repayment Agreement—Hicks, 1205 4th St. NW <br /> reIEREl Ir <br /> NATURE <br />