Laserfiche WebLink
Housing and Redevelopment Minutes <br />January 3, 2023 <br />S. Open Forum <br />There was no one present for Open Forum. <br />6.1 HRA Housing Rehabilitation Loan Update <br />Mr. Mollan presented the staff report. <br />6.2 Extension — CEE Loan Origination Agreement <br />Page 2 <br />Mr. O'Neil presented the staff report and indicated extending the agreement with CEE for <br />one year. <br />Commissioner Ovall felt this was a transparent, abundant program offering plenty of <br />options for residents, and not just from our program. He was supportive in extending the <br />agreement as the value CEE provides for the residents of the city was valuable. He indicated <br />he would like to see some facts of CEE's resident loan approvals with the types of loans <br />given to residents in the city in the annual report. <br />Chair Chuba asked if the appeal of our program needed to be looked at due to the lack of <br />applications. He wondered if we should be marketing more or revamping the program. <br />Commissioner Ovall asked when the last marketing push was completed. <br />Mr. O'Neil indicated the next marketing will be in the next two weeks with the ERMU <br />partnership with utility bills inserts. Prior to that, there were Star News newspaper <br />advertisements last fall. <br />Commissioner Ovall indicated he didn't disagree with Chair Chuba's concerns and given the <br />interest rate jump he felt residents are in shock. He stated the other factor is finding <br />contractors and materials to make the improvements. He felt it important to continue <br />watching things in the next few months. <br />Chair Chuba stated CEE and the commission had previously discussed raising the lending <br />level. <br />Commissioner Larson -Vito stated with building slowing down and contractors' jobs drying <br />up, this would be a good time to increase marketing strategies. <br />r <br />Mr. O'Neil stated in the past, they had not advertised the interest rate but now with how <br />competitive and advantageous our program is we can specifically market the competitive <br />interest rate and that we may want to look at other programs that CEE runs and have them <br />offer their suggestions or tweaks to our program or incorporate a supplemental program. <br />Commissioner Ovall stated CEE has provided feedback and suggestions in the past by <br />increasing our lending amount and lowered our interest rate. At that time, the commission <br />