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City of <br />Elk - <br />River <br />Request for Action <br />To <br />Item Number <br />Housing and Redevelopment Authority <br />7.1 <br />Agenda Section <br />Meeting Date <br />Prepared by <br />General BusinessJanuary <br />3, 2017 <br />Colleen Eddy, Economic Development Specialist <br />Item Description <br />Reviewed by <br />HRA Housing Rehabilitation Loan Program Update <br />Amanda Othoudt, EDD <br />Reviewed by <br />Cal Portner, City Administrator <br />Action Requested <br />1. Receive information on the HRA Housing Rehabilitation Program. <br />2. Approve, by motion, one mortgage and repayment agreement. <br />Background/Discussion <br />Currently, there are five projects in the pipeline. One project is out for bid, one project is waiting for <br />results of the lead paint inspection, a third project is in the initial stage, and the fourth project is waiting <br />on approval of the mortgage and repayment agreement from the HRA and the fifth project is under <br />construction. <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 />Eight projects have been completed to date. Over $213,740 has been or soon will be disbursed over the <br />three-year rehabilitation program period. Monthly installment payments are received per the agreements. <br />Financial Impact <br />N/A <br />Attachments <br />■ January HRA Rehab Report <br />■ HRA Loan Summary <br />■ Hoops Mortgage and Repayment Agreement <br />P a w E n E o A Y <br />INIA UREJ <br />