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7.4. HRSR 05-03-2021
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7.4. HRSR 05-03-2021
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4/29/2021 3:55:48 PM
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4/29/2021 3:54:43 PM
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City Government
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HRSR
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5/3/2021
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�J <br /> etyof <br /> ElkRequest for Action <br /> River <br /> To Item Number <br /> Housing and Redevelopment Authoritv 7.4 <br /> Agenda Section Meeting Date Prepared by <br /> General Business May 3, 2021 Colleen Eddy, Economic Development Specialist <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 reports all accounts are current. <br /> On the Originations side, there were three active applications at the end of last month; one was declined due to <br /> credit problems (low score and past due mortgage payments), one was withdrawn (the borrower decided not to <br /> do the improvements until next year), and the third one is still under review. One new application was received; <br /> however, they are requesting over the$25,000 threshold. <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—March 2021 <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 />
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