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>14 <br /> `‘ ,, <br /> EikRequest 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 October 2,2017 Colleen Eddy, Economic Development Specialist <br /> Item Description Reviewed by <br /> HRA Housing Rehabilitation Loan Program Update Amanda Othoudt, EDD <br /> Reviewed by <br /> Cal Portner, City Administrator <br /> Action Requested <br /> 1. Receive information on the HRA Housing Rehabilitation Loan Program. <br /> 2. Approve,by motion, one mortgage and repayment agreement. <br /> Background/Discussion <br /> Currently,there are four projects in the pipeline with one of the projects near completion. <br /> Twelve projects have been completed to date. Over$289,000 will soon be disbursed over the four-year <br /> rehabilitation program period. Monthly installment payments are received per the agreements. <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 /> CMHP facilitated an Informational Meeting on September 13th at City Hall. One person attended along <br /> with a homeowner who is currently in the program. Staff submitted an ad which ran in the Star News to <br /> help promote the meeting and the program and it was also promoted on the city's social media sites. <br /> Financial Impact <br /> N/A <br /> Attachments <br /> • September Project/Financial Report <br /> ■ October Project/Financial Report <br /> • McClellan Mortgage and Repayment Agreement <br /> L <br /> The Elk River Vision <br /> A welcoming community with revolutionary and,spirited resourcefulness, exceptional <br /> [01E11E11 <br /> service, and communityengagement that encourages and inrpirer prnrperity NATU <br />