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EGty1� ,.,�� Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 7.4 <br /> Agenda Section Meeting Date Prepared by <br /> Presentations,Awards, March 5, 2018 Colleen Eddy, Economic Development Specialist <br /> and Recognition <br /> Item Description Reviewed by <br /> HRA Rehabilitation Program Update Amanda Othoudt,EDD <br /> Reviewed by <br /> Cal Portner, City Administrator <br /> Action Requested <br /> Receive information on the HRA Housing Rehabilitation Loan Program. <br /> Background/Discussion <br /> On May 5, 2014, the HRA established a Housing Rehabilitation Loan Program,funding it with $100,000 <br /> annually for three years. Central Minnesota Housing Partnership (CMHP) administers the program. The <br /> goal was to rehabilitate twelve properties in a specific geographic area over the three year period. <br /> Now,in its fourth year, the program contributed to the rehabilitation of fourteen homes. Over$311,579 <br /> has been disbursed for projects including: new decks, new windows, siding, bathroom renovations, and <br /> new patios. Many of the improvements extend the life of the home and improve property values for the <br /> entire neighborhood. <br /> The program continues to be successful and self-sustaining. Principle and interest installment payments <br /> are now funding the program. Staff continues to work with CMHP on marketing efforts which includes; <br /> ads in the Star Nears,Elk River Community Guide, direct mailings, a news article in the Star Nears, and <br /> informational meetings. This year,marketing efforts will focus on advertising on various social media <br /> platforms and more in person informational meetings. <br /> Financial Impact <br /> N/A <br /> Attachments <br /> ■ HRA Rehabilitation Loan Program Policy and Targeted Area Map <br /> The Elk River Vision <br /> A PehoMing community 2a itb revolutionary and spirited resourcefulness, exceptional POWERED By <br /> service, and community engagement that encourages and inspires prosperity INAWRE1 <br />