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<br />Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Housing and Redevelopment Authority 6.1 <br />Agenda Section Meeting Date Prepared by <br />General Business May 1, 2023 Joshua Mollan, Economic Development Specialist <br />Item Description Reviewed by <br />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 Housing Rehabilitation Loan Program and review the current loan documents. <br /> <br />Background/Discussion <br />The Minnesota Center for Energy and Environment (CEE) reports that all accounts are current and the HRA’s <br />portfolio is performing as expected with no delinquencies or late payments. Since the last meeting, there have been <br />multiple inquiries; however, there have been no new loans issued and $150,000 remains available for new loan <br />disbursements. <br /> <br />As discussed in prior meetings, CEE currently has multiple agreements and disclosure documents necessary to be <br />completed prior to loan disbursement. There has been at least one recent case where the amount of paperwork <br />was the stated reason an applicant did not follow through with the loan. We have been informed by CEE that the <br />documents are standard required paperwork to properly execute loans. CEE suggested there is not flexibility for <br />minimization of required paperwork or to make changes. <br /> <br />Financial Impact <br />N/A <br /> <br />Mission/Policy/Goal <br />Improve existing housing stock by offering incentives or programs to repair and maintain residential properties. <br /> <br />Attachments <br /> CEE Monthly Loan Activity Report <br /> CEE Monthly Loan Activity Summary <br /> <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br /> <br />service, and community engagement that encourages and inspires prosperity. <br />Updated: January 2023 <br /> <br />