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7.1. HRSR 06-06-2022
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7.1. HRSR 06-06-2022
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HRSR
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6/6/2022
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<br /> <br />Request for Action <br /> <br /> <br /> <br />To Item Number <br />Housing and Redevelopment Authority 7.1 <br />Agenda Section Meeting Date Prepared by <br />General Business June 6, 2022 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 /> <br /> <br />Action Requested <br />Authorize, by motion, an increase to the maximum loan limit of the Rehabilitation Loan Program from <br />$25,000 to $35,000. <br /> <br />Background/Discussion <br />Minnesota Center for Energy and Environment (CEE) reports all accounts are current and the HRA’s portfolio <br />is performing as expected with no delinquencies or late payments. There have been no new loans issued this <br />period and $150,000 remains available for new loan disbursements. <br /> <br />Following feedback from the HRA, we are looking at a sustained run of ads over multiple weeks this summer <br />and again in the fall are looking at both print and web banner options. <br /> <br />Staff has also discussed with CEE modifying the maximum loan limits from $25,000 to $35,000. CEE would be <br />able to make that change in marketing and underwriting immediately following an approval from the HRA <br />modifying the limit. <br /> <br />Financial Impact <br />The total amount of funding available to lend would remain at $150,000 in aggregate for 2022. <br /> <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 /> <br />Attachments <br /> CEE Monthly Loan Activity Report <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 />
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