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BI <br />UDGET MPLICATIONS <br />28 <br />An amount of$15,000 was budgeted in the levyfor 2017construction advisoryservices. The REDA <br />29 <br />has authorized $7,500 for first and second quarter construction advisoryservices with GMHC. A <br />30 <br />remaining balance of$7,500 for construction advisoryservices in 2017will be applied to CEE charges <br />31 <br />of $225 per construction advisory visit. <br />32 <br />The REDA has approximately $540,000 in revolving loan balance. CEE will chargea fee of $550.00 <br />33 <br />per loan. A $100 fee will be charged per inspection when a permit is not required for a home <br />34 <br />improvement loan. In addition,CEE will help monitor the loans that CRF will be servicing for <br />35 <br />delinquency of $200 per quarter. All fees will be invoiced to the REDA and paid for out of the <br />36 <br />revolving loan balance. <br />37 <br />All fees for CRF will be taken out of the loanrepayment account balance. The REDA loan charges a <br />38 <br />3% interest rate which is more than sufficient to pay the costs associated with the loan servicing fees. <br />39 <br />SR <br />TAFF ECOMMENDATION <br />40 <br />Staff recommends the REDA enter into the attached contract with CEE for loan originationservicesfor <br />41 <br />the Roseville Housing Rehabilitation Loan Programand construction advisoryservices, and authorize <br />42 <br />staff to negotiatea contract with CRF for loan servicingfor the Executive Director and President to sign. <br />43 <br />REDABA <br />EQUESTED OARD CTION <br />44 <br />Make Motion to enter into the attached contract with CEE for loan origination services for the Roseville <br />45 <br />Housing Rehabilitation Loan Program and construction advisory services, and authorize staff to <br />46 <br />negotiate a contract with CRF for loan servicing for the Executive Director and President to sign. <br />47 <br />Prepared by:Jeanne Kelsey, Housing Economic Development Program Manager, 651-792-7086 <br />48 <br />Attachments:A:CEE Professional Service Agreement <br />Page 2of 2 <br /> <br />