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<br /> <br />Request for Action <br /> <br /> <br />To Item Number <br /> <br />Housing and Redevelopment Authority 7.1 <br />Agenda Section Meeting Date Prepared by <br /> <br />General BusinessJune 1, 2015Colleen Eddy, Economic Development Specialist <br />Item Description Reviewed by <br />HRA Rehabilitation Loan Program Update Amanda Othoudt, EDD <br />Reviewed by <br />Cal Portner, City Administrator <br /> <br />Action Requested <br /> <br />Receive information on the city’s Housing Rehabilitation Program. <br /> <br />Background/Discussion <br /> <br />As homeowners begin to submit payments on their rehabilitation loans, city staff met with Central <br />Minnesota Housing Partnership (CMHP) to review recording, loan program instructions and financial <br />reporting logistics. Moving forward, city and CMHP staff improved the overall process. With the new <br />format, the Mortgage and Repayment Agreements will be submitted to staff as soon as each housing <br />rehab project is completed. <br /> <br />Previously, the Mortgage and Repayment Agreement was submitted for approval prior to project <br />completion. This new change will allow for a seamless transaction between CMHP and the finance <br />department with the amortization and repayment schedule. All future Mortgage and Repayment <br />Agreements will be in this new format. <br /> <br />At the request of the HRA, CMHP has revised the monthly reports to include homeowner addresses. <br /> <br /> <br /> <br />Financial Impact <br /> <br />None <br /> <br />Attachments <br /> <br /> <br /> <br />CMHP Monthly Report dated May 2015 <br /> <br />