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Request for Action <br /> <br /> <br />To Item Number <br />Housing and Redevelopment Authority 7.3 <br />Agenda Section Meeting Date Prepared by <br />General Business February 3, 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 has not received any new applications this month. Of the two applications received late last month, <br />one was declined due to delinquency in the first mortgage (120+ DPD), and the other one is still under <br />review. <br /> <br />Our Aging Delinquency Report shows one loan delinquent. The borrower is 270+ days past due. <br /> <br />This borrower has started working again and they will be sending as much money as they can to bring the <br />account up to date. They don't have the financial resources yet to bring the account current at once, but <br />they think they can work on bringing it current a few months after they start receiving periodic <br />paychecks. They seem to be really committed to make the account current and continue making <br />payments. CEE suggests that they make three regular payments in a row, and on time, then offer them a <br />Forbearance Plan to modify the loan. <br /> <br />CEE had a good conversation with another borrower and reached an agreement to make their monthly <br />payments, they just need a couple of months to be ready. Right now they are paying via Auto-Pay on the <br />30th of the month (29 days late but not over 30), so they agreed to make January, February and March <br />payments as scheduled and then, after the Auto-Pay on March 30th is posted, CEE will change the <br />schedule and we will start pulling the Auto-Pay on the 9th of the month beginning on April 9th, and will <br />bring them back on track. <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 />