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5. Post Closing <br />Following the loan closing the HRC Program Administrator files the security instruments <br />at the County. Filing fees are paid by the borrower at the time of closing. <br />GMHC maintains a long-standing relationship with the Community Reinvestment Fund <br />(CRF), a Minneapolis-based national nonprofit, to provide loan servicing on all <br />installment loans. CRF services loans for the City of Minneapolis and many suburban <br />communities. New Brighton will benefit from the preferred pricing GMHC receives. <br />Initially the one-time set up fee will be paid from program capital. Once the loan portfolio <br />is established, the loan set-up fee and monthly transaction fee will be paid by the income <br />generated from loan payments. <br />One-time Set-up Fee $25.00 per loan <br />Monthly Transaction Fee 6.00 per loan <br />(installment loans only) <br />Loan Satisfaction Fee $25.00 per loan (paid by borrower) <br />6. Reporting <br />HRC staff will produce a monthly program report documenting the program activity and <br />fund balance. In addition, the accounting department will provide a report detailing <br />draws on the account for contractor payments, the loan payment activity and program <br />income. <br />GMHC will set-up an interest bearing joint savings account with New Brighton at U. S. <br />Bank. All interest accrued belongs to the City. Generally the City deposits a portion of <br />the loan pool into the account to be available to make pay outs as projects are <br />completed. <br />As funds are depleted GMHC bills the City to replenish the account. Program income is <br />accrued and remains in the account to be used at the direction of the City. <br />7. Marketing <br />GMHC can assist the City in marketing its programs through a variety of mediums, <br />including use of its soon to be completed new web site. Direct mail, utility bill inserts, <br />newsletter and community newspaper articles have all proven successful in <br />advertising programs. GMHC attends the North Metro Home and Garden Show each <br />year in addition to those in neighboring communities. Staff are available to attend <br />community events and provide speakers to civic organizations, etc. <br />As requested, GMHC will design program materials at no additional cost to the City. <br />Out-of-pocket expenses such as printing and postage for activities such as a direct mail <br />piece to City residents or utility inserts is the City's responsibility. <br />5 <br />