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Section b. HRA Housing Fund (Budget Summary /Forecasts) <br />The Roseville City Council transferred the operation, maintenance and <br />control of all the housing programs and the housing fund on Jane 16, 2003. <br />The HRH in support of the City must adopt a budget for the continued <br />funding of the Housing Program annually. The HRA fund was developed over <br />the years tram grants, community development revenges, service fees and <br />the one- percent industrinl development and housing revenue bond fees. <br />In addition, any interest earnings generated go directly back into the fund <br />as well as proceeds from the sale of the Planbaak and revenue generated <br />from the sponsor and exhibit fees of the annual Horne & Garden Fair. Every <br />effort is made to replenish the fund through revolving loans within the <br />program. However, no new funding source has been approved by the City <br />and /or HRA to assure that the housing programs are funded in the future. <br />Since 1995, Roseville has become more proactive in providing programs that <br />meet the needs of the community. These programs do came at a cost but <br />the benefits have been outstanding. It is estimated, based upon the last 3 <br />years, that between $250,000 - $3000000 has been used to fund City <br />housing programs. The investment has generated significant investment in <br />the community. If the HRA wises to continue to fund housing programs at <br />that level and /or to achieve the high priority items, the fund will be <br />depleted within two years. <br />HRA A Le r Opts <br />The HRA will review the establishment of a local levy to help stabilize the <br />Housing Fund and enable it to become more actively involved in its housing <br />decision f or years to came. <br />Per Minnesota Statutes 469.033, Subdivision b, an HRA has the authority to <br />request a special levy upon all taxable property within the City boundaries <br />specifically to fund the purposes of the housing plan within that City. The <br />special bevy request must be approved by the majority of the Council as part <br />of the budget and truth in taxation process. <br />A budget for the HRA Fund is prepared and reviewed by the HRA Board <br />annually based upon goals and action steps in the Housing Plan and as <br />identified in Attachment C. <br />ilVictorialCommDevU-IRAIHouSing PianlRoseville Housing Plan 20p9—draft doc <br />Housing plan - 2004 Page 19 Roseville FORA <br />