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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 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 was denied due to <br />Debt to Income and late Mortgage payments. The cycle should start picking up in a month or two as <br />soon as Spring arrives. <br /> <br />Our Aging Delinquency Report shows two loans delinquent. One borrower is 300+ days past due, we are <br />still waiting for the payment that they promised for this month. We have been in contact with the other <br />borrower and we will review their account in the second half of March to prepare the transition to the <br />new payment schedule. <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 />