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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 January 6, 2020 Amanda Othoudt, ED Director <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 />CEE received two new applications during the last week of December. They are still under review and in <br />the document collection process. <br /> <br />Our Aging Delinquency Report shows one loan delinquent. The borrower is 270+ days past due. <br /> <br />The borrower sent a check for $200 and is expecting to return to a regular payment schedule. We are <br />charging a late fee of $8.78/month and they have thus far accrued a total of $79.05. CEE conducted <br />research on the equity of property and the estimated sell price comfortably exceeds their loan and <br />mortgage balance. <br /> <br />A second borrower indicated he is facing some financial challenges. He made his last payment at 29 days, <br />just under the delinquency period of 30 days. He requested a 3-month payment plan to avoid collections <br />and we are working with him on his options. He has not incurred late fees at the moment. <br /> <br />Financial Impact <br />N/A <br /> <br />Attachments <br /> CEE Monthly Loan Report <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 />