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<br />Request for Action <br /> <br /> <br />To Item Number <br />Housing and Redevelopment Authority 8.2 <br />Agenda Section Meeting Date Prepared by <br />Work Session December 3, 2018 Amanda Othoudt, EDD <br />Item Description Reviewed by <br />HRA Housing Rehabilitation Loan Program Policy Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br />Approve, by motion, the revisions to the HRA Housing Rehabilitation Loan Program policy. <br /> <br />Background/Discussion <br />At their November 5, 2018, meeting, the HRA conducted an annual review of the HRA Rehabilitation <br />Loan Program and Policy. Changes were discussed to the underwriting criteria and the targeted area. <br /> <br />Changes to the policy include: <br /> Updated to new policy template <br /> Eligibility Requirements: clearly define homes must be a minimum of 20 years old to qualify. <br /> Expanded the Targeted Area to include the entire Elk River Urban Service District. <br /> <br />Changes to the application include: <br /> Removing estimated yearly gross household income. This information is currently obtained by <br />receipt of annual tax returns. <br /> Adding: How many outstanding mortgages do you have on your property? (include primary <br />mortgage and second mortgages/ home equity lines of credit) <br /> Adding: What is the current outstanding balance on your mortgage(s)? $ <br /> Adding Eligibility Requirements: Owner’s and Encumbrance Report (O&E) obtained by <br />Sherburne County Abstract (Cost is $100) <br /> Adding Eligibility Criteria: Properties must be a minimum of 20 years old to qualify. <br /> <br />The HRA directed staff to research the addition of eligible improvements to include sewer and water <br />connections on aging infrastructure. City ordinance provides a Petition & Waiver process to assess <br />property taxes the costs of access fees and lateral connections to city services. <br /> <br />Financial Impact <br />Currently, $74,291 is available and an additional $50,000 is budgeted in 2019 for a total of $124,291. This <br />could fund five or more projects in 2019. <br /> <br />Attachments <br /> HRA Rehabilitation Loan Program Policy and Application (Clean and Redlined) <br /> Revised Targeted Area Map <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 />