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°>P1(t) .., <br /> htik ........„ 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 November 6,2017 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 three projects getting underway. <br /> Twelve projects have been completed to date. Over$311,579 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 /> Staff continues to work with CMHP on marketing efforts;which consists of purchasing Facebook ads, <br /> print ads in the Star News,posting on social media sites and holiday cards. <br /> Financial Impact <br /> N/A <br /> Attachments <br /> • November Project/Financial Report <br /> • Torfin Mortgage and Repayment Agreement <br /> The Elk River Vision <br /> A welcoming community with revolutionary and spirited resourcefulness, exceptional P o w E R E o 1Y <br /> service, and community engagement that encourages and inspires pro rperity NATURE <br />