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#>"11 , <br /> ilk ---� 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 October 3,2016 Colleen Eddy,Economic Development Specialist <br /> Item Description Reviewed by <br /> HRA Housing Rehabilitation Loan Program Project Amanda Othoudt,EDD <br /> Waiting List Reviewed by <br /> Cal Portner, City Administrator <br /> Action Requested <br /> Approve,by motion,to allocate funds for two projects on the waiting list for 2017. <br /> Background/Discussion <br /> The HRA has allocated$100,000 each year since 2014 to fund the HRA Rehabilitation program <br /> administered by CMHP. Eight projects have been completed to date. Over$167,044 has been disbursed <br /> over the program period. <br /> Two homeowners have submitted applications for the HRA Rehabilitation Loan program and are <br /> currently on a waiting list,which is based on available funding to begin their housing rehab project in <br /> 2017.To date,the total amount received from all loans total$53,730.68. This amount includes funds that <br /> have been received from two homeowners who have recently paid off their HRA rehab loan with the <br /> city,totaling$45,332.38.The two mortgages have been satisfied and these funds have been deposited <br /> back into the HRA Rehab Loan fund account for future project distribution. <br /> With approval from the HRA,these funds could be allocated to the next two projects on the waiting list. <br /> Once approved,CMHP will be notified to proceed with obtaining estimates for the work to be done on <br /> the two projects. <br /> Financial Impact <br /> The maximum loan amount for any one HRA Rehab loan is $25,000 for a total of$50,000 allocated for <br /> two separate projects. <br /> Attachments <br /> • HRA Rehab Funding Report <br /> 1P11EREI 1r <br /> NATURE <br />