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i An HRA Levy is important to provide a dedicated and continuous source of funding to achieve the vision and goals of the HRA Housing P la n. The vision and goals of the HRA strive to provide the residents of Roseville with a high quality of life, sense of community and safe quality neighborhoods. In addition, the prog rams are structured to housing that is balanced in price and product for people of all ages. The HRA housing fund is currently stagnant, meaning that no new dollars are dedicated to the fund each year except interest income and loan repayments. The HRA was provided with LDC/CDBG funds from the council which are restricted funds required to be used under strict HUD guidelines. The HRA fund will have a cash balance of approximately $530,000 which includes $ in available housing fund cash, InvestmentUnterest income and fees. In addition it includes $370,000 In LDcf c D BG restricted cash. It is estimated, based upon the last 3 gears that between $250,000 - $ 300,000 has been used to fund existing City housing programs. These programs can net be paid using LDCICDBG funds. However, the investment has generated significant reinvestment in the community. The Housing Resou rce Center has served 1,200 residents and the loans have generated over $1.6 million in improvements throughout the city. If the City wishes to continue to support housing programs through the HRA at previous levels, a new funding source must be identified. The estimated 2004 cash balance of $164,000 would barely cover participation in the Housing Resource Center (which has been the single most effective program over the past three gears for the residents of Roseville) and the administration of other programs. if no new funds are provided, the services of the HRC would need to be reevaluated. In addition, new programming to address code deficiencies, multi family exterior improvements and stimulate townhorne and condo improvements will be impossible without new sources of funding. If no new funding source is provided the abilities and effectiveness of the HRA would be severely curtailed and there would be a higher risk of neighborhood blight and decay In the community. An HRA levy is important to help supplement and capitalize on existing housing programs. By having a ded icated stream of funds for housing, the H RA c h. add to and take advantage of the existing housing programs without depleting the limited fund balance. This provides a more stable level of housing support for the community now and into the future. The levy would provide the necessary funds to continue to provide housing services such as the pious i ngResou rce center, housing loans, cleaning up distressed properties, studying demographic trends, developing first time buyer options, etc. In a time when state resources are reducing, local communities must tale a more active role in assuring that adequate resources are provided to achieve the same level of service and reinvestment. This relatively small cast to the taxpayer wouid provide that reinvestment into the community to ensure that housing values are stable and neighborhoods remain strong. Attachments: Revised 2004 proposed HRA Budget - reduced levy cuts Page 2