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City of <br /> E1 � 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 December 5,2016 Colleen Eddy,Economic Development Specialist <br /> Item Description Reviewed by <br /> HRA Housing Rehabilitation Loan Program Amanda Othoudt, EDD <br /> Discussion Reviewed by <br /> Cal Portner, City Administrator <br /> Action Requested <br /> Receive information on the HRA Housing Rehabilitation Loan Program and discuss the redefined <br /> targeted area and the revised Mortgage and Repayment Agreement <br /> Background/Discussion <br /> At the November 5th HRA meeting,members directed staff to provide more information on the number <br /> of homes located in the proposed expanded area. <br /> The new expanded area would incorporate about 150 homes: <br /> Age of home Number in the Proposed Area <br /> 0-1850 18 <br /> 1851 — 1930 20 <br /> 1931 — 1961 38 <br /> 1962— 1985 44 <br /> 1986—2015 30 <br /> Also during the general meeting,members discussed including default language in the HRA <br /> Rehabilitation Loan Program Policy and Mortgage and Repayment Agreement between the homeowner <br /> and the HRA. Staff was directed to get legal counsel on the wording along with where to include it in the <br /> Mortgage and Repayment Agreement document. <br /> Staff added a 10-day late payment clause under bullet item#1 on the Mortgage and Repayment <br /> Agreement. <br /> Financial Impact <br /> N/A <br /> Attachments <br /> • Proposed Targeted Area Expansion Map <br /> • Revised Mortgage and Repayment Agreement <br /> rrTERED er <br /> NATURE <br />