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The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community <br />engagement that encourages and inspires prosperity <br /> <br /> <br />Request for Action <br /> <br />To <br />Housing and Redevelopment Authority <br />Item Number <br />6.1 <br /> <br />Meeting Date <br />June 3, 2024 <br />Prepared By <br />Joshua Mollan, Economic Development Specialist <br /> <br />Item Description <br />Housing Rehabilitation Loan Program Update <br />Reviewed by: <br />Brent O'Neil <br />Cal Portner <br /> <br />Action Requested <br />Receive updates on the Housing Rehabilitation Loan Program. <br /> <br />Background/Discussion <br />CEE reports that all accounts are current and the HRA's portfolio is performing as expected with no <br />delinquencies or late payments. <br /> <br />On April 22, CEE closed on two new loans; one for $19,290 for a septic project and another for $35,000 for <br />a solar project. $95,710 remains available for new loan disbursements in 2024. <br /> <br />The utility bill insert in partnership with Elk River Municipal Utilities is being finalized and is set to be included <br />with July's utility bill mailing. <br /> <br />Financial Impact <br />N/A <br /> <br />Mission/Policy/Goal <br />Improve existing housing stock by offering incentives or programs to repair and maintain residential <br />properties. <br /> <br />Attachments <br />1. CEE Loan Servicing Report March 2024 <br />2. Monthly Loan Activity Summary <br />3. ERMU Mailer <br /> <br /> <br />Page 12 of 65