07-06-2021 HRA MIN - Laserfiche WebLink

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1 lousing and Redevelopment Minutes Page 3 July 6,2021 8.1 HRA Rehabilitation Loan Program Discussion with CEE Ms. Eddy presented the staff report. She introduced Director of Lending Services Jim Hasnik from the Center for Energy and Environment (CEE),who presented a PowerPoint presentation. Mr. Hasnik outlined the various programs offered through CEE so the commission could understand the opportunities for residents to consider. He outlined a few areas where the HRA could fill some current needs such as senior deferred loans for those over 62 years of age, a down payment assistance program, or consider changing the HRA's loan program interest rate or qualifying criteria. Commissioner Ovall appreciates the opportunities outlined by CEE for residents to invest dollars into the city housing stock, and thereby still reaching the core initiative of the HRA. He would like to consider expanding the opportunities for more options for lending funds conservatively such as a senior program with deferment,money out a long time and no Return. He also asked about focusing on the Energy City status and programs that may save energy. Mr. Hasnik also outlined a last resort program, such as a homeowner who does not qualify for funds but have an emergency (such as a leaking roof, burst sewer line, no hot water); they may be on a fixed income, financially over-extended themselves, or have poor credit. Commissioner Ovall asked for information on the number of denials. Mr. Hasnik stated he didn't recall but can get that information to Ms. Eddy. Commissioner Swenson asked if there were commercial lending opportunities the HRA could offer to focus on some of the older areas of town, such as Railroad Drive or Main Street. She suggested loans for businesses updating fixtures to provide energy savings. Commissioner Ovall suggested the city promote some of the lesser-known loan opportunities we offer, such as façade improvement in the downtown area, or focusing on Energy City with energy loans, or blighted commercial and residential properties. Mr. Hasnik stated he can also send them lending opportunities and guidelines. Ms. Eddy asked about the timeline for amending the program documents. Mr. Hasnik stated the HRA, if it decides to amend the program, changes can be made relatively quickly, or it can be change for the 2022 contract. Commissioner Toth asked the commission if they should raise the loan amount or adjust the interest rate. Commissioner Ovall asked what types of publicity has produced the most activity and interest in our programs.