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Housing and Redevelopment Authority Minutes <br />June 2, 2025 <br />Page 3 of 3 <br />members if the 9 members (2 HRA, 2 EDA, 5 at -large) is an appropriate number and if the professional <br />representations are adequate. <br />-The downtown small area plan will be on the City Council agenda for this evening for a vote. <br />7. MOTION TO ADJOURN REGULAR MEETING <br />Moved by Commissioner Dietz and seconded by Commissioner Beaudry to adjourn the <br />meeting and go into worksession at 6:01 p.m. Motion carried 5-0. <br />8. WORK SESSION <br />The HRA work session was called to order at 6:06 p.m. <br />8.1 Housing Rehabilitation Loan Program Discussion <br />Mr. Mollan presented the staff report. The commission discussed changing the debt to income ratio and <br />minimum credit score qualifiers to ensure applicants have the ability to repay the loan but noted there <br />are loans with consistent payments from borrowers and no one is in default. <br />Commissioner Ovall discussed the purpose of the HRA loan program, noting that the HRA was not <br />meant to compete with banks or to be a bank, but rather help the city's aging housing stock. The HRA <br />does this by providing low -interest money to make improvements to houses in the Urban Service <br />District on homes at least 20 years old. Critical improvements include energy -efficient windows and <br />doors, sewer and water improvements, and exterior structural items like roofing and siding. <br />The commission also discussed consideration of providing a different type of loan program to offer <br />funds for other types of home improvements for homes outside the Urban Service District. <br />It was the consensus of the HRA to keep the program parameters with a 43% debt to income ratio and <br />credit score no lower than 620. The program area will remain in the Urban Service District and <br />continue to be serviced by CEE. <br />9. MOTION TO ADJOURN <br />Moved by Commissioner Dietz and seconded by Commissioner Ovall to adjourn the <br />worksession meeting. Motion carried 5-0. <br />The meeting adjourned at 6:30 P.M <br />Minutes prepared by Jennifer Green. <br />r; <br />i <br />Denny Chuba, Chair <br />Tina Allard, City Clerk <br />