10-07-2024 HRA MIN - Laserfiche WebLink

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Housing and Redevelopment Authority Minutes October 7, 2024 --------- Page 2 of 4 6.1 Housing Rehabilitation Loan Program Update Mr. Mollan presented the staff report. The commission discussed the CEE renewal for administering the rehabilitation loan program. Mr. O'Neil explained the two agreements the HRA has with CEE - the origination agreement, which helps them source loans, and the servicing loan agreement, for servicing the current loans. He stated the HRA has been with CEE for the past 7 years and feels there's value in the annual $5000 fee. He stated staff intends to stick with them unless the commission feels otherwise. Commissioner Beaudry asked if the annual administration fee of $5000 could be recouped in loan fees from the borrower. Mr. O'Neil stated they certainly could, and there is a closing fee paid for by the borrower, but just having CEE on hold/retainer is a flat $5000. Commissioner Caswell asked if the Affordable Housing grant funds could be used to pay the administration fee to CEE. Mr. O'Neil stated that could be a possibility, but there were some income eligibility standards that the city would have to develop as the rehab loan program isn't currently based upon income eligibility requirements. Commissioner Caswell wondered if that could be used on a case by case basis if a borrower met the income eligibility, and could receive fee reimbursement. Commissioner Ovall added that he would always defer the needs and wishes of our Finance department and if the fees increased, it may make sense to bring administering the loans in-house. However, he feels CEE offers loan administration efficiency and there is additional value such as CEE finding other loan programs for residents. Mr. O'Neil stated the Finance department appreciates CEE administering and servicing the loans. If in- house, loan origination would be administered by himself, Joshua, or would have to look at another third party. 6.2 General Updates Mr. Mollan stated the 2025 downtown flower baskets are currently being planted and staff asked for direction on any color suggestions for next year. He suggested multiple colors with trailing vines that spill out of basket. Chair Chuba noted most of the plants this year were the same color and suggested more variation. Mr. Mollan would share that feedback with YardWorx. Mr. O’Neil stated they were very close to having the Main and Gates transaction completed. He stated Mr. Touchette is waiting for the grading work permit to be issued by the Building department, and they would then schedule a closing date, with closing that could occur within a 48-hour notice.