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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 September 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) received 25 requests for information since they took <br />over the administration of the program earlier this year. Since February, 16 formal applications were <br />received and two have been approved and funded. <br /> <br />Two applications currently under review, two applications were declined; one because of income and one <br />due to a recent bankruptcy filing. One other application expired due to no response after 90 days. Two <br />more applications were sent to homeowners earlier this month. <br /> <br />Our Aging Delinquency Report shows three loans delinquent. One borrower is 90+ days past due. <br />Attempts are being made by both CEE and staff to work with the homeowner to get their account <br />current. One of the delinquent homeowners pays through auto-pay on the last day of the month, they are <br />on the late side, but there is not a single problem with their payments. The other homeowner makes a <br />payment over the phone on the last day of the month, every other month, and pays two months at a time. <br />They are very consistent and very easy to work with. <br /> <br />Financial Impact <br />The total 2019 program budget is $117,854. Two loans were funded for a total of $42,852.22 which <br />includes loan origination and administrative fees. The remaining fund balance is $75,001.78. One loan <br />will be paid off in September adding $19,856.13 back into the program, for a new fund balance of <br />$94,857.91. <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 />