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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 />7.1 <br /> <br />Meeting Date <br />February 3, 2025 <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 /> <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. There have been no new loans issued this period and $150,000 is available for <br />new loan disbursements in 2025. <br /> <br />In total, 11 loans were issued through CEE in 2024 for Elk River residents. Two from our Rehab Loan <br />Program, three from Minnesota Housing Finance Agency's Fix Up Fund, and six with CEE funds. <br /> <br /> <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. CEE Monthly Loan Activity Summary <br />3. CEE Loan Activity Report Q4 2024 <br />Page 27 of 44