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Request for Action <br />ToItem Number <br />Housing and Redevelopment Authority9.2 <br />Agenda Section Meeting DatePrepared by <br /> <br />General BusinessJune 5, 2017Amanda Othoudt, EDD <br />Item Description <br />Reviewed by <br />HRA Housing Rehabilitation Loan Program Cal Portner, City Administrator <br /> <br />Reviewed by <br /> <br />Action Requested <br /> <br />Receive information on the HRA Housing Rehabilitation Program. <br />Background/Discussion <br />At their May 1 meeting, the HRA directed staff to discuss allocating more funding to the HRA <br />Rehabilitation Loan Program at a future work session. Over the past four years, the HRA has allocated <br />$400,000 to the program. The program has been highly successful with 9 projects completed to date and <br />four more underway. <br /> <br />Initial program funds available 400,000 <br />Program funds used to date <br />Loaned principal 189,095 <br />Principal pending loan 94,310 <br />Total funds "disbursed" to date 283,405 <br />Admin fees paid to CMHP 48,750 <br />Remaining admin fees payable to CMHP 11,250 <br />Lead-based paint assessments 9,106 <br />Total program funds used to date 352,511 <br />Remaining balance 47,489 <br />Add: principal repaid to date 61,726 <br />Add: program interest earned through 6/1/17 6,087 <br />Total program funds available to loan 115,302 <br />Based on the total program funds available, the HRA could fund four to five more rehab projects in 2017. <br />CMHP has received threenew applications to date. Staff is looking for direction from the HR <br />more funds to support the program. <br />Financial Impact <br /> <br />The HRA reserve fund balance as of June 1, 2017,is $1,090,000. <br /> <br />Attachments <br /> <br /> <br />June HRA Rehab Report <br /> <br />June HRA Loan Summary <br />