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3) a no interest second mortgage may be attached to the property, with a <br /> balloon payment payable upon sale, pro-rated over 10 years, the <br /> balance declining 10% per year, and <br /> 4) the City may receive some reimbursement from County CDBG or HOME <br /> funding, provided the homeowner qualifies for a lour or moderate-income <br /> loan or grant. <br /> 2.4 The Council directed staff to begin the negotiation of the purchase of two homes in <br /> Roseville (William and Hamline) at the January 23, 1998 council meeting. Staff has <br /> made an offer on the home at 2100 William Street for the appraised value (under <br /> Council Consideration at this meeting for approval). Upon acceptance, staff will <br /> begin the process to replace the home under the program. Staff is waiting for the <br /> completed appraisal for the home on Hamline prior to making an offer. <br /> 3.0 Roseville Housing Imi3rovement Pro ram - Houslag fie lacemen t Program <br /> 3.1 once the City has purchased a home, it is important to set standards for the <br /> replacement homes so the goals of the program are achieved in a consistent <br /> r • <br /> manner. Bill Schatzlein of Affordable Suburban Housing, along with City staff, <br /> prepared draft Program Guidelines for Council consideration. <br /> The Program Guidelines provide an overview of the minimum requirements of the <br /> program, builder requirements, buyer requirements and housing design and site <br /> criteria for the replacement home. <br /> 3.3 The general guidelines of the program, outline the following: <br /> 1) There must be a licensed builder involved in the transaction, <br /> 2) The builder must enter into a contract for private development with the city for <br /> assurance that the housing design and site criteria is met, and <br /> 3) The builder must be willing to provide the City with a non-refundable $500 fee <br /> and sign a participation agreement to hold the lot while the city performs due <br /> diligence that the builder can meet the building requirements and housing <br /> design and site criteria. The participation agreement is non-binding on both <br /> parties. <br /> 3.4 The builder requirements allow the City to check proof of the following: <br /> 1) financial capabilities, <br /> 2) insurance, <br /> 3} adequate warranty information, and <br /> 4) references. <br /> R CA- H R P 02109/98- Page 2 of 3 <br />