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Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Housing and Redevelopment Authority 7.1 <br />Agenda Section Meeting Date Prepared by <br />General Business April 6, 2020 Colleen Eddy, Economic Development Specialist <br />Item Description Reviewed by <br />HRA Housing Rehabilitation Loan Program Update Amanda Othoudt, EDD <br />Reviewed by <br />Cal Portner, City Administrator <br /> <br />Action Requested <br />Receive update on the Rehabilitation Loan Program. <br /> <br />Background/Discussion <br />CEE has received a new application this month and is under review. <br /> <br />On the servicing side, things appear normal. CEE has not received any calls from borrowers with concerns <br />about their payments, and so far, only the one homeowner is still behind, with very little progress. <br /> <br />This homeowner just reached the 365-day delinquency mark, at this point the law provides us with a couple of <br />options, however, we need to wait until the 10-day grace period for this month is over. Once the grace period <br />is over CEE will send them an updated Delinquent Billing Statement with a Delivery Confirmation, followed <br />by a Notice of Default. The letter will give them 30 days to bring the account current or make final <br />arrangements with us. <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 />