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I <br />City of Mounds View Staff Report <br />Item No: 6.F. <br />Meeting Date: September 25, 2017 <br />Type of Business: Council Consent <br />Administrator Review: t ; <br />To: Honorable Mayor and City Council <br />From: Mark Beer, Finance Director <br />Item Title/Subject: Resolution 8830, Approving a Loan Servicing Agreement with <br />Community Reinvestment Fund <br />The City has been a longstanding client of the Housing Resource Center (HRC), however, <br />resident usage of HRC's services has declined over time resulting in decreased payments <br />to HRC. HRC will discontinue these services at the end of 2017. HRC also administers the <br />City's home improvement loan program and the loans were serviced by a third party, the <br />Community Reinvestment Fund (CRF). With HRC discontinuing operations the City will <br />need to contract directly with CRF for servicing of the existing loans. Kennedy and Graven <br />has reviewed the proposed agreement. <br />Recommendation: <br />Staff recommends approval of the proposed loan servicing agreement with Community <br />Reinvestment Fund. <br />Respectfully submitted, <br />Mark Beer <br />