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tc1 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 October 3,2016 Colleen Eddy,Economic Development Specialist <br /> Item Description Reviewed by <br /> HRA Housing Rehabilitation Loan Program Update Amanda Othoudt, EDD <br /> Reviewed by <br /> Cal Portner, City Administrator <br /> Action Requested <br /> • Receive information on the HRA Housing Rehabilitation Program. <br /> • Approve,by motion,one mortgage and repayment agreement. <br /> Background/Discussion <br /> The rehabilitation loan program was highlighted in an article that ran on the front page of the September <br /> 17,2016, edition of the Star News. The article jumpstarted the program as staff has received numerous <br /> inquiries and CMHP has received two inquiries. <br /> Eight projects have been completed to date. Over$167,044 has been disbursed over the three-year <br /> rehabilitation program period. Monthly installment payments are being received on a consistent basis. <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 /> Financial Impact <br /> N/A <br /> Attachments <br /> • October 2016 HRA Rehab Report <br /> • Mortgage and Repayment Agreement—Cunningham's, 1420 5th Street NW <br /> LNATUJ 1 / EN EI � r <br />