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6.1. HRSR 12-05-2022
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6.1. HRSR 12-05-2022
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HRSR
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12/5/2022
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<br /> <br />Request for Action <br /> <br /> <br /> <br />To Item Number <br />Housing and Redevelopment Authority 6.1 <br />Agenda Section Meeting Date Prepared by <br />General Business December 5, 2022 Joshua Mollan, Economic Development Specialist <br />Item Description Reviewed by <br />HRA Housing Rehabilitation Loan Program Update Brent O’Neil, Economic Development Director <br />Reviewed by <br />Cal Portner, City Administrator <br /> <br />Action Requested <br />Receive updates on the Rehabilitation Loan Program. <br /> <br />Background/Discussion <br />The Minnesota Center for Energy and Environment (CEE) reports all accounts are current and the HRA’s <br />portfolio is performing as expected with no delinquencies or late payments. There have been no new loans issued <br />this period and $150,000 remains available for new loan disbursements. <br /> <br />The loan origination contract with CEE was extended by the HRA at the end of last year through year-end 2022. <br />A new contract or another one-year renewal would be necessary to continue the partnership with CEE in 2023. <br />Staff will be working with CEE and will make a recommendation to the HRA in January. CEE is increasing its <br />fee from $2,500 to $5,000 in 2023; however, they indicated it would not seek an adjustment to the Elk River <br />contract due to smaller volume. <br /> <br />Financial Impact <br />N/A <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 /> CEE Monthly Loan Activity Summary <br /> Existing CEE Agreement <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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