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�� Request for Action <br /> Elk - <br /> River <br /> To Item Number <br /> Housing and Redevelopment Authority 7.1 <br /> Agenda Section Meeting Date Prepared by <br /> General Business May 4, 2020 Amanda Othoudt,EDD <br /> Item Description Reviewed by <br /> HRA Housing Rehabilitation Loan Program Update Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> Receive update on the Rehabilitation Loan Program. <br /> Background/Discussion <br /> CEE is following up with the application from last month, otherwise originations are very quiet. For <br /> servicing, the HRA portfolio has been very stable despite the current conditions with only one account <br /> 365+ DPD. We were able to reach the borrower,who asked for a few more days because their new job <br /> has been impacted by COVID-19. <br /> Effective March 24, 2020, the Governor's Executive Order 20-14 prohibits mortgage holders from filing <br /> eviction actions to recover possession of a property after termination of a redemption period. Financial <br /> institutions are "requested" to enter a moratorium on all pending and future foreclosures and evictions against <br /> borrowers impacted financially by virus and "strongly urged" not to assess late fees and penalties for <br /> nonpayment related to epidemic. <br /> CEE's legal department is reviewing the COVID-19 foreclosure moratorium order and their opinion is that <br /> the order does apply to us and the EDA as the owner of the note;therefore,we need to wait until the end of <br /> the moratorium period to proceed with the Notice of Default (NOD). The order does not preclude us from <br /> continuing contact with the borrower. In the meantime,the plan is to continue attempting phone contacts, <br /> mail collection notices, and will include a list of resources available for a borrower to look for assistance,and <br /> updated billing statements showing the past due amount and urging payment. <br /> The other borrower we were working with made his first payment on the new schedule on 4/10/2020 and <br /> things went well. <br /> Financial Impact <br /> N/A <br /> Attachments <br /> ■ CEE Monthly Loan Report <br /> The Elk River Vision <br /> A Y�elcoming community nvith revolutionary and spirited resourcefulness, exceptional P U W E H E o s r <br /> service, and community engagement that encourages and inspires prosperity ,g /` UR <br />