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Eclty1� ,.,�� 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 March 6, 2017 Amanda Othoudt,EDD <br /> Item Description Reviewed by <br /> HRA Housing Rehabilitation Loan Program Update Cal Portner, City Administrator <br /> Reviewed by <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 four projects in the pipeline. One project is out for bid, the second project is waiting <br /> for bid and scope of work approval, a third project is ready for construction and the fourth project is <br /> waiting on approval of the mortgage and repayment agreement from the HRA. <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 /> Nine projects have been completed to date. Over$230,000 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 /> ■ March HRA Rehab Report <br /> ■ March HRA Loan Summary <br /> ■ Krieg Mortgage and Repayment Agreement <br /> POWERED 6T <br /> AR <br />