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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 June 3, 2019 Amanda Othoudt, EDD <br />Item Description Reviewed by <br />HRA Housing Rehabilitation Loan Program Update 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 />The Center for Energy and Environment (CEE) has received 11 requests for information on the HRA <br />Rehabilitation Loan Program since taking over the program in February and have nine applications in the <br />pipeline. One application was declined because their current DTI = 58.33% (above program guidelines) <br />and one application was withdrawn because the borrower decided not to proceed due to recent <br />bankruptcy discharge. <br /> <br />Our Aging Delinquency Report shows three loans delinquent. Two borrowers are 15 days past due and <br />the other is 90+ days delinquent. The two accounts that are 15-days delinquent are in the process of <br />setting up autopay. Attempts are being made by both CEE and staff to work with the homeowner that is <br />90+ days delinquent to get their account current. <br /> <br />Financial Impact <br />The total 2019 program budget is $117,854. <br /> <br />Attachments <br /> CEE Monthly Loan Reports <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 />