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ht lk Request for Action <br /> River <br /> To Item Number <br /> Housing and Redevelopment Authority 7.1 <br /> Agenda Section Meeting Date Prepared by <br /> General Business September 8,2015 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 /> Four projects have been completed to date. We received our first repayment installment earlier this <br /> month for the first of the completed rehab projects. The homeowner was excited to talk about the <br /> different projects they were able to complete with the rehabilitation funds. This particular homeowner <br /> utilized rehab funds to re-roof their home, add attic insulation, and complete bathroom <br /> repairs/renovations. <br /> Over$142,021 has been disbursed over the three-year rehabilitation program period. <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 <br /> amortization 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 August 2015 <br /> IRMEREI 171 <br /> NATURE <br />