8.1. HRSR 12-03-2018 - Laserfiche WebLink

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Othoudt, Amanda Subject: FW: Follow Up Attachments: City of Elk River (DRAFT).doc; GUIDELINES (DRAFT) Elk River.doa; CEE-Residential Loan- Application.pcif; Loan Servicing Contract Template - Final.docx; Loan Servicing Contract Exhibit A Duties Template - Final Draft.doa; Loan Servicing Contract Exhibit B Pricing Template - Final Draft.doa Amanda M. Othoucl EDFP City of Elk River — Economic Development Director 13065 Orono Pukway, Elk River, MN 55330 763.635.1042 E1 R-werMN.eoc From: Jim Hasnik fmailto1basnikComnoee.org1 Sent: Saturday, December 1, 2018 11:24 AM To: Othoudt, Amanda Cc: Ryan Ellis Subject: Re: Follow Up Hello Amanda, You're welcome and thanks for reaching out. I've attached a copy of a contract (includes cost) and a sample of the guidelines based on what you sent. I've highlighted some areas for discussion in the contract and guidelines. We do use a generic application (attached) for all of our programs and would of course have a link on our website and get you that for your site. We try and make all of our programs as easy as possible for everyone and the only things that I see in the 2018 Program manual that we don't do are: • We dont send an initial approval letter, but do all of the required TRID documents; Loan Estimate and Closing Disclosure • The "Suitability for Rehabilitation" piece. If a home is homesteaded, occupied and in Elk River it would be an eligible property • Is there a form that you have the borrower sign for the "Nuisance Standards". If so, we would just add that to the loan closing package • Some of the city programs have a Last Resort/Emergency Deferred Program, but not sure what the "Housing Replacement Cost" section refers to. Is this something that we would bring to you for approval if a borrower doesn't qualify due to Debt -to -Income, Equity, etc? • Would not adjust with the Prime Rate, but upon contract renewal or amendments • The improvements are pretty straight forward, but would recommend including Air Conditioning and Driveways/Sidewalks • Would not do HOS inspection or Lead Paint Risk Assessment. You could subcontract this part out, but if the funds are not Federal and don't require this it does slow the process down substantially. • We don'trequire a Contractors Application Form, but could incorporate your Contractor Contract. We do send an acknowledgement form to the borrower/contract to sign and verify their understanding of the disbursement process and issue a commitment letter at closing.