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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 November 1, 2021 Brent O'Neil, Economic Development Director <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 and the HRA's portfolio is performing as expected with no delinquencies <br /> or late payments. <br /> Two applications have been received in the last period. One application is going through the Minnesota <br /> Housing Finance Agency and the other is under review under Elk River's program guidelines. <br /> Staff met with Jim Hansik of CEE to discuss the current contract for underwriting and originating HRA loans. <br /> The current contract expires at the end of this year. Staff anticipates consideration of a contract for 2022 being <br /> on the HRA's December agenda. Note: the HRA and CEE have a separate contract for servicing existing loans <br /> and those services are not affected by this contract. <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 Activity Report—September&October 2021 <br /> ■ Quarterly Summary Loan Requests 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 />