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*of Request for Action <br /> River <br /> To Item Number <br /> Housing and Redevelopment Authority 7.3 <br /> Agenda Section 'Meeting Date Prepared by <br /> General Business August 3,2015 Colleen Eddy, Economic Development Specialist <br /> Item Description Reviewed by <br /> Update on HRA Rehabilitation Loan Program Amanda Othoudt, EDD <br /> Reviewed by <br /> Cal Portner,City Administrator <br /> Action Requested <br /> Receive information on the city's Housing Rehabilitation Program and approve,by motion, one mortgage <br /> and repayment agreement. <br /> Background/Discussion <br /> Over$142,021 has been disbursed over the three-year rehabilitation program period. <br /> To date, there are nine projects that have made application to CMHP. Five of the eight projects are <br /> under construction, three projects have submitted their draft scope of work,and one new application is in <br /> the inspection process. <br /> The mortgage and repayment agreement being requested for approval tonight is a binding agreement <br /> between the homeowner and CMHP. Once the project is complete, the HRA will receive an executable <br /> mortgage and repayment agreement which will include truth in lending agreements and the amortization <br /> schedule and any additional required documents. <br /> Staff continues to monitor rehabilitation activities and will continue partnering with CMHP. <br /> Financial Impact <br /> None <br /> Attachments <br /> • CMHP Monthly Report dated July 2015 <br /> P I I I E B E I I T <br /> NATURE <br />