Resolution 8038 - Laserfiche WebLink

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b. Service the loans made to City residents under the Mounds View Home Improvement Loan Program: 1. Direct the Community Reinvestment Fund ("CRF") to collect such payments pursuant to a contract dated July 2, 2000 between the Consultant and CRF (the CRF Contract). 2. Direct CRF to take such action pursuant to the CRF Contract if there is an uncured default by a borrower under a loan pursuant to an Installment Loan Program. 3. Receive all payments made by borrower to CRF. 4. Disburse all payments received by Consultant as directed,in writing,by the City, which may include disbursing the funds pursuant to the Mounds View Home Improvement Program. 5. Payment to CRF to service the loans: One-time $15.00 set-up fee per installment loan One-time$25.00 set-up fee per deferred loan Transaction fee per installment loan$6.00 per month c. Assist City residents considering rehabilitation,including property visits,meet with homeowners and potential contractors, suggest alternatives for rehabilitation to homeowners, educate homeowners on the construction bid process, assist homeowners to evaluate bids and work completed and construction progress. d. Provide housing information to City residents,including information on emergency assistance, housing rehabilitation, first time homebuyers and limited rental information; e. Assist the City in developing programs to purchase and rehabilitate homes; f. Coordinate these services out of Consultant's Housing Resource Center, 1170 Lepak Court, Shoreview,MN 55126; and g. Have Consultant's staff visit residences as determined necessary by Consultant. 2. Term. This Agreement shall be in full force and effect from January 1,2013 and shall continue through December 31, 2013,unless otherwise terminated as set forth below. 3. Compensation. a. Core HRC Services: The City shall pay the Consultant Eleven Thousand Dollars ($11,000 within thirty days (30) days after execution of this Agreement. b. Mounds View Home Improvement Loan Program Administration: The City shall pay the Consultant Four Hundred Dollars ($400) for each closed loan. Consultant fees will be charged to the City monthly based on the number of applications processed and closed, withdrawn or denied during the month. The Consultant shall receive compensation for administering the MHFA Programs directly from the Minnesota Housing Finance Agency and not from the City.