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i <br />i J <br />/ r <br />r <br />�r <br />f <br />i 1 <br />i <br />i / J <br />r/ <br />,r <br />• Roseville City Council, meal Beets, Chris Miller <br />Cathy Bennett, HRA Executive Director <br />• HRA Board Members Pr <br />August 7, 2003 <br />Roseville HRA Levy Request <br />Rued Action: <br />Consider the maximum HRA Levy as part of the budget process for 2004 to fund future housing <br />programs in the City of Roseville. <br />An HRA Levy is important to provide a dedicated and continuous source of funding to achieve the <br />vision and goals of the HRA Housing Plan, The vision and goals of the HRA sbive to provide the <br />residents of Roseville with a high quality of life, sense of community and safe quality <br />neighborhoods. In addition, the programs are structured to housing that is balanced in price and <br />product for people of all ages. <br />The HRA housing fund is currently stagnant, meaning that no new dollars are dedicated to <br />the fund each year except interest income and loan repayments. The HRA fund has a <br />balance of approximately $600,000 which includes $490,000 in loans provided to Roseville <br />residents and $120,000 in available cash. It is estimated, based upon the last 3 years that <br />between $250,000 - $300,000 has been used to fund existing City housing programs. <br />This investment has generated significant reinvestrnent in the community. The <br />HousingResource Center has seared 1 too residents and the loans have generated over <br />$1.6 million in improvements throughout the city. <br />If the City wishes to continue to support housing programs at previous levels, a new <br />funding source must be identified. The estimated 2004 cash balance of $1 20,000 would <br />barely cover participation in the Housing Resource Center (which has been the single <br />most effecfive program over the past three years for the residents of Roseville) and the <br />administration of other programs. If no new funds are prodded, the services of the HR <br />would need to be reevaluated. In addition, new programming to address code <br />deficiencies, multi family exterior improvements and stfi'rnulate townhome and condo i <br />improvements will be impossible without new sources of funding. If no new funding <br />source is provided the abilities and effectiveness of the HRA would be severely <br />curtailed and there would be a nigher risk of neighborhood blight and decay in the <br />