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�J <br /> etyof <br /> ElkRequest for Action <br /> River <br /> To Item Number <br /> Housing and Redevelopment Authoritv 7.1 <br /> Agenda Section Meeting Date Prepared by <br /> General Business September 8, 2020 Colleen Eddy, Economic Development Specialist <br /> Item Description Reviewed by <br /> HRA Housing Rehabilitation Loan Program Update Amanda Othoudt,ED Director <br /> Reviewed by <br /> Cal Portner, City Administrator <br /> Action Requested <br /> Receive update on the Rehabilitation Loan Program. <br /> Background/Discussion <br /> CEE reported receiving three new applications in August and they still have two in the final stages of review <br /> from last month. <br /> On the loan serving side,we received a check from the past due homeowner for$400.00 before the end of the <br /> month to cover last month's payment and this month's payment. It has not cleared the bank yet and is not <br /> included within the monthly loan report. The homeowner committed to making another payment by the end of <br /> next week. <br /> CEE's representative reviewed data with their legal counsel and they are of the opinion that the HRA cannot <br /> ask the past due homeowner to list their property. They suggest working with the homeowner by offering a <br /> loan modification to bring the account current. Our HRA attorney agrees with this approach. <br /> Financial Impact <br /> N/A <br /> Mission/Policy/Goal <br /> The goal of the HRA is to improve existing housing stock by offering incentives or programs to repair and <br /> maintain residential properties. <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 />