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City Council Regular
Receive Report from CRMAF Board of Directors
Kristin DeGrande, Housing Programs Coordinator
The Bylaws of the Coon Rapids Mortgage Assistance Foundation require that minutes of the Board of Director meetings be forwarded to the City Council. Attached are the minutes from the August 30, November 9 and December 6, 2018 Coon Rapids Mortgage Assistance Foundation board meetings.
The Coon Rapids Mortgage Assistance Foundation (CRMAF) typically meets only once per year at their annual meeting each December. This year it was decided that the existing home improvement programs funded by the CRMAF needed to be revamped so several meetings were held. Attached are the minutes of each meeting from August 30, November 9 and the annual meeting on December 6, 2018.
The August Board meeting focused on reviewing the programs in their current form, their activity levels, challenges of marketing the programs, and the overall need for program changes. City Staff and a representative from the Center for Energy and Environment, the program's administrator, presented many proposed changes to the programs including interest rates, loan terms, eligible borrowers, other underwriting criteria and recommending to end some programs that are no longer serving a need. Some new program ideas were also presented.
The Board meeting in November was a continued discussion about the recommended changes to the home improvement and down payment assistance program. At this meeting, the Board also discussed the idea of changing the name of the Coon Rapids Mortgage Assistance Foundation to one that would more accurately reflect the work they do and the programs they offer. Additionally, the Board briefly discussed the concept of a legacy project and determined that their legacy would be best represented helping to improve many homes instead of focusing their efforts on one larger project.
As is the case with each annual meeting, the Board reviewed their financial statements at their meeting in December. They voted to combine the 19000 and the 20000 funds into one pool. This decision still keeps Fund 82000 separate. Elections were held to re-appoint Scott Schulte, Al Hofstedt, and Jerry Teesen to the Board for another three year term. Election of officers were held to elect Al Hofstedt as Secretary, Denise Klint as Treasurer, Tim Howe as Vice President, and Scott Schulte as President.
An allocation of $30,000 was awarded to the Home for Generations II program to be used for architectural consultations.
The Board also considered a name change and a new logo for the foundation. The CRMAF will now be promoted as the Coon Rapids Home Improvement Foundation. This new name will be registered with the State as a DBA (doing business as).
The rest of the December Board meeting included additional discussions about the various programs that will be offered to the City in 2019. A summary of the program changes include:
Ending the Two Family Home Improvement Program and the ReGenerations Down Payment Assistance Program
Combining the Home Improvement Incentive Program and the Rehabilitation Loan Program into a streamlined Coon Rapids Home Improvement Loan Program that includes low interest loans and a deferred loan option
Establishing a new Down Payment Assistance Program
Maintaining the Emergency Deferred Loan Program and the Home for Generations II Loan Program
Introducing a new program initiated by CenterPoint Energy and the Center for Energy and Environment called the CenterPoint On-Bill program
Creating an entirely new matching grant, Curb Appeal program focused on exterior improvements for homes in Coon Rapids
A final draft of the program guidelines will be submitted for Council approval at the January 15 meeting.
The CRMAF Board of Directors requests the City Council receive this report with attached board meeting minutes.
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