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<br />Request for Action <br /> <br /> <br />To Item Number <br />Housing and Redevelopment Authority 7.1 <br />Agenda Section Meeting Date Prepared by <br />General Business November 5, 2018 Colleen Eddy, Economic Development Specialist <br />Item Description Reviewed by <br />HRA Rehabilitation Program Update Amanda Othoudt, EDD <br />Reviewed by <br />Cal Portner, City Administrator <br /> <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 /> <br />Background/Discussion <br />Fifteen projects have been completed to date. One project is in process and one application has been put <br />on hold. Over $336,579 has been disbursed over the four-year rehabilitation program period. Installment <br />payments are received per the agreements. <br /> <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 /> <br />CMHP facilitated an informational meeting on October 9. Three people attended, all of whom seemed <br />very interested in participating with a scope of work including siding and windows. <br /> <br />Financial Impact <br />N/A <br /> <br />Attachments <br /> HRA Loan Program Report <br /> October HRA Project and Financial Update <br /> Gadach Mortgage and Repayment Agreement <br /> <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br />service, and community engagement that encourages and inspires prosperity <br />