Laserfiche WebLink
Request for Action <br />ToItem Number <br />Housing and Redevelopment Authority7.1 <br />Agenda Section Meeting DatePrepared by <br /> <br />General BusinessApril 3, 2017Colleen Eddy, Economic Development Specialist <br />Item Description <br />Reviewed by <br />HRA Housing Rehabilitation Loan Program UpdateAmanda Othoudt, EDD <br /> <br />Reviewed by <br />Cal Portner, City Administrator <br />Action Requested <br /> <br />1.Receive information on the HRA Housing Rehabilitation Program. <br />2.Approve, by motion, twomortgage and repayment agreement. <br />Background/Discussion <br />Currently, there are four projects in the pipeline. One project is under way, the second was approved at <br />the last HRA meeting and the remaining two are waiting on approval of the mortgage and repayment <br />agreementsfrom the HRA. <br />The mortgage and repayment agreementsbeing requested for approval tonight arebinding agreements <br />between the homeowner and CMHP. Once the project is complete, th <br />mortgage and repayment agreement,which will include truth in lending agreements and the amortization <br />schedule and any additional required documents. <br />Nineprojects have been completed to date.Over $255,000has beenor soon will bedisbursed over the <br />three-year rehabilitation program period. Monthly installment payments are received per the agreements. <br /> <br />Financial Impact <br />N/A <br />Attachments <br /> <br /> <br />AprilHRA Rehab Report <br />AprilHRA Loan Summary <br />Hanson Mortgage and Repayment Agreement <br /> <br />Sandhoefner Mortgage and Repayment Agreement <br />