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<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 />Request for Action <br /> <br /> <br />To <br />Housing and Redevelopment Authority <br />Item Number <br />7.2 <br />Agenda Section <br />General Business <br />Meeting Date <br />April 1, 2019 <br />Prepared by <br />Amanda Othoudt, EDD <br />Item Description <br />HRA Housing Rehabilitation Loan Program <br />Reviewed by <br />Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br />Receive update on the Rehabilitation Loan Program <br /> <br />Background/Discussion <br />Each month, the HRA will receive an update regarding new applications received by The Center for <br />Energy and Environment (CEE), the status of existing applications, and an updated monthly loan report. <br />Under the contract, the HRA will not need to approve each loan application prior to the start of a project <br />as done previously. <br /> <br />CEE has had six HRA Rehabilitation Loan Program contacts since February 25, 2019. They received <br />their first application on March 13 and are working with the applicant on income verification. <br /> <br />The transfer of the old portfolio is complete and the data is integrated with both the lending platform and <br />servicing software. Welcome packages were sent to all borrowers and they are already receiving <br />enrollments in auto-pay and online access. The city’s finance director has kept CEE updated on payments <br />received at our office and things seem to be moving along very smoothly. <br /> <br />Financial Impact <br />The total 2019 program budget is $117,854. This allocation includes $67,854 that has revolved from the <br />program since its inception and $50,000 budgeted for 2019. <br /> <br />Attachments <br /> CEE Monthly Loan Reports <br />