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City Council Regular
Receive Report from Coon Rapids Home Improvement Foundation Board of Directors
Kristin DeGrande, Housing Programs Coordinator
The Bylaws of the Coon Rapids Home Improvement Foundation require that minutes of the Board of Director meetings be forwarded to the City Council. Attached are the minutes from the October 10, 2019 Coon Rapids Home Improvement Foundation board meeting.
The October Board meeting focused on proposing a subordination policy to home improvement loan recipients, possibility of changing loan servicing companies, and a year in review for the Front Door Grant Program.
Until now, all Coon Rapids Home Improvement Program recipients have been required to sign a non-subordination policy as part of their closing paperwork. This means that should any of these homeowners want to refinance on their primary mortgage, they would be required to pay off their Coon Rapids loan, without exception. The Board approved a loan subordination policy for all loans originated through the Coon Rapids Home Improvement Program that would allow loan recipients to refinance without having to pay off their mortgage when certain conditions are met.
The City of Coon Rapids has contracted with Community Reinvestment Fund, Inc. since 2005 to service all of the loans originated through the Coon Rapids Home Improvement Program. City Staff has been experiencing issues with their level of service and the Board approved staff to research other loan servicing options.
The Board's newest program, the Front Door Grant Program, was introduced in March 2019 and it was wildly successful. This program was kicked off as a pilot program intended to increase curb appeal in Coon Rapids. By the end of April, all of the initial $100,000 funding 37 grants was exhausted. In May, the Board met and allocated an additional $150,000 to the program to be awarded through a lottery drawing. In all, there were a total of 73 grant recipients in the first year of the program, $188,080 worth of grants awarded, and a total of $1,049,114 worth of exterior improvements completed. This means there was an average project size of $14,344 and an average grant size of $2,576. This program received a ton of attention in the community and the Board approved to fund the Front Door Grant Program again in 2020.
The CRHIF Board of Directors requests the City Council receive this report with the attached board meeting minutes.
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