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Mortgage Assistance Foundation
Consider Fund Allocations for 2020
With all of the changes the Board made to the Coon Rapids Home Improvement Program throughout the Fall of 2018, participation in the program greatly increased in 2019. By May of 2019, the program exhausted the remaining contracted dollars and the $800,000 that had been transferred into the program back in 2016 was finally activated. Through October 31, 2019, the Coon Rapids Home Improvement Program originated $808,472.26 worth of home improvement loans and down payment assistance loans. A balance of just over $400,000 remains.
A total of 21 low-interest loans, 10 deferred loans, 6 Home for Generations loans, 13 down payment assistance loans were originated through the Coon Rapids Home Improvement Program in 2019 (through the end of November). Additionally, there were 73 Front Door Grants awarded through the CRHIF and 24 Home for Generations II grants/rebates awarded through the HRA. Even further, there were 62 Remodeling Advisor Visits and 90 architectural consultations performed in the City in 2019.
Staff is requesting the Board recommend the City Council transfer $1,000,000 into the budget of the Home Improvement Loan Program from the Housing Program Fund 19000. Additionally, Staff is requesting the Board recommend the City Council extend the City's contract with the Center for Energy and Environment for program administration through December 31, 2021.
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