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The applicant must enter into an agreement with the City and comply with the Housing Replacement Program Design and Site criteria. The loan would he paid in full at the time of sale or if the property becomes non homestead. 5.2 The benefits of adding the loan provision to the program are as follows.- The city still meets the goal of the program at a much lower cost Less staff time is involved because there is no need to order an appraisal, negotiate purchase price, prepare closing information and there is no marketing and sales transactions needed. The lean payments can he recycled into the housing fund which can he used for ether housing programs 5.3 Staff recommends working with the Dees, if the amendment is approved, and come hack to the council with the final terms and conditions of the loan. &0 Sgggested Council Action 6.1 By motion, approve an amendment to the Housing Replacement Program that provides for a lover interest loan up to a maximum of$10,000 for Roseville residents with the p rovisions that the applicant must prove a financial need for the funds, their permanent mortgage must service the loan for the pity: repayment in full is required p if home is sold or becomes non homestead and the applicant must enter into an agreement with the city to comply with the Housing Design and Site Criteria outlined in the Housing Replacement Program. Funding for the loan would come from the Housing Fund and payments on loans would go hack to the housing fund. 6.2 By motion, direct staff to work with the Dee's on a loan for the demolition of the home at 992 Burke under the Housing Replacement Program and work with City Attorney to re p are the necessary contracts to ensure compliance with the Program. Prepared by: Cathy Bennett, 490-2241 0.Mqusing\Replacement Rnogram\HRP Revision for Demo.doc RCA—HRP Amendment 06/22/98-Page 3 of