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Cit of <br /> E1 Request for Action <br /> River <br /> To Item Number <br /> Housing and Redevelopment Authority 7.2 <br /> Agenda Section Meeting Date Prepared by <br /> General Business April 7,2014 Brian Beeman,Director of Economic <br /> Development <br /> Item Description Reviewed by <br /> Rental Rehabilitation Deferred Loan Program Jeremy Barnhart,Deputy Director, CODD <br /> Reviewed by <br /> Action Requested <br /> Hear information considering the Rental Rehabilitation Deferred Loan Program through the Central <br /> Minnesota Housing Partnership (CMHP). <br /> Background/Discussion <br /> The Central Minnesota Housing Partnership (CMHP) has requested a Rental Rehabilitation Deferred <br /> Loan Program (RRDL) funding allocation in the amount of$2.5 million for 2014-2015. Funding will be <br /> available in Sherburne County as well as several surrounding counties. The RRDL funds are provided as <br /> a 0% deferred loan to owners of eligible rental properties with six or more units. Staff has communicated <br /> the program's availability to Sherburne County,local banks,realtors, and developers through phone calls, <br /> email, and Facebook. Members of the HRA are also encouraged to talk to anyone that may qualify. <br /> The RRDL funds can be used to cover the costs of eligible improvements including,but not limited to: <br /> roofing, siding,windows, doors, floor coverings, boilers and mechanical systems and energy&water <br /> saving improvements. RRDL funds may also be used for soft costs such as lead based paint assessments, <br /> architect fees, title fees and administrative fees. <br /> Application materials are available at www.cmhp.net under the Rehabilitation Programs page. The <br /> deadline for application submission is 4:00 p.m. Thursday,April 10,2014.Applications received after this <br /> deadline will not be eligible for 2014 funding. All applications received will be ranked according to <br /> program selection criteria.Applicants will be notified of their status by May 1,2014. <br /> Anyone with questions about the program or application requirements is encouraged to contact Jason <br /> Krebsbach, Community Development Director of CMHP at Jason @cmhp.net or (320) 258-0672. <br /> Financial Impact <br /> N/A <br /> Attachments <br /> • Rental Rehabilitation Deferred Loan Program Information& Guidelines <br /> [ ANEW IT <br /> NATURE <br />