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principal residential structures with one-to-four dwelling units, consistent with guidelines. The City provides 50% of the loan from the City Housing Fund. The interest rata is blended with the bank rate. The length of the loan is determined by the bark. Calf Y our local Roseville bank for details. (Firstar, hlorwest, forth Star, Roseville Community, t. Anthony Park banks) 1.6 Housing Replacement Program. Using the Roseville Housing Fund as the primary source of initial funding, in 1 996 the City established a housing replacement program. This program was established to help the City to annually eater into 3 volunta purchase agreements of outdated or non-code compliant structures that could not be economically rehabilitated or sold on the open market. The City established a target by reviewing the county Assessor's records of the 200 lowest valued residential structures (under approximately $60,000) identified as 'spoor quality, in the assessor's property records. Once purchased by the City, the structure is razed, the lot is cleared and sold to a home builder. The City may be repaid in a number of methods: 1) the property value and taxes of the new house will nearly double, ) the neighborhood property values benefit from a more stable, compatible, new structure in the neighborhood, ) a no interest second mortgage may be attached to the property, with a balloon payment payable upon sale, pro-rated over 10 years, the balance declining 10% per year} 4) the city may receive some reimbursement from County CDBG or HOME funding, provided the homeowner qualifies for a low or moderate income loan or grant. Call the City of Roseville Community Development Department for details (490-2279). 1.7 First Time Horne Buyer Program. Minnesota Housing Finance Agency, through local banks in Roseville, offers a below market rate interest mortgage to qualified first time home buyers. The borrowers must have an income of less that $43,000, meet typical bank mortgage requirements and purchase a single family home valued at less than $95,000. call your local Roseville bank for details. (Firstar, Norwest, North Star, Roseville Community, St. Anthony Park banks). 1-8 This Old House. Minnesota Statutes allow property tax a em ptio n s for all or portions of the value of improvements (for up to 10 years) made to homesteaded homes 3 ears (11963) of a e and older when the improvements are made. The homes ho Y g