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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 />August 5, 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, the HRA's portfolio is performing as expected with no <br />delinquencies or late payments, and $97,710 remains available for new loan disbursements in 2024. <br /> <br />Staff connected with CEE on the issue discussed last month regarding a borrower who overpaid in previous <br />months and then did not make the April payment. CEE has advised that the borrower had made prior <br />arrangements to overpay and be credited toward scheduled payments on the amortization schedule. Staff <br />would like to discuss this with the board relative to program policy and whether the board would like to <br />consider adjustments to the policy on this issue. <br /> <br />Financial Impact <br />N/A <br /> <br />Mission/Policy/Goal <br />Improve housing stock by offering incentives or programs to repair or maintain residential properties. <br /> <br />Attachments <br />1. CEE Monthly Loan Servicing Report <br />2. Monthly Loan Activity Summary <br />3. CEE Q2 Loan Summary Report <br /> <br /> <br />Page 14 of 46