11-04-2019 HRA MIN - Laserfiche WebLink

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Housing and Redevelopment Minutes Page 2 November 4,2019 6. Public Hearings • There were no public hearings. 7.1 HRA Housing Rehabilitation Loan Program Update Ms. Othoudt presented the staff report. Commissioner Eder asked if the house was currently on the market and if there was equity to pay both mortgages once the sale went through. Ms. Othoudt stated the home is not currently on the market but the property owners are working towards that. She stated she will verify if there's enough equity to cover the amounts of both mortgages. Commissioner Eder asked about when payments are due and how much of a late fee is charged. Ms. Othoudt stated payments are typically due on the 1st of each month and a late payment charged of 5%of the payment. Commissioner Eder asked if the homeowner who is making their payments on the last day of the month is paying a late fee. Ms. Othoudt stated she will check on that. • Chair Toth asked if the amount due for homeowner who is 150 days late includes late fees. Ms. Othoudt stated that information doesn't show up on the loan report detail. She will have to verify. Commissioner Ovall stated the homeowner who is paying at the end of the month may want to make an extra month's payment so they're a month ahead to avoid a late fee. He stated he would prefer that option or amend their payment due date. Ms. Othoudt stated this homeowner recently amended their repayment agreement due to a divorce,and therefore that may have caused the late payments. She will send out an email with new information as it becomes available regarding both late loans. HRA recessed at 5:38 p.m. in order to go in to work session. The meeting reconvened at 5:42 p.m. 8.1 Blighted Properties Discussion Ms. Eddy presented a PowerPoint presentation about the city of Richfield redevelopment • program called Richfield Rediscovered. She explained their funding source comes from