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r <br />iMii <br />/ <br />/ <br />i ,,,rrrr ,rrrrrrr <br />To Roseville City Council, Neal Beets, Chris Miller <br />Cathy Bennett, HA Eecutive Director <br />H FAA Board Members <br />August 7, 2003 <br />Roseville H A Levy Request <br />Requested Actiom, <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 />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 H FAA fund has a <br />balance of approA r nately $600, 000 which includes $490,000 in leans provided to Roseville <br />residents and $120,000 in avaliable 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 reinvestment in the community. The <br />HousingResource center has served 1 ,200 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 $120,000 would <br />barely cover participation ire the Housing Resource Center (which has been the single <br />most effective program over the past three gears for the residents of Roseville) and the <br />administration of other programs. If no new funds are provided, the services of the HRC <br />would need to be reevaluated. In addition, new programming to address code <br />deficiencies, multi family exterior improvements and stimulate townhome and condo <br />improvements will be impossible without new sources of funding. If no new funding <br />source is provided the abilities and eff6 iveness of the HRA would be severely <br />curtailed and there would be a higher risk of neighborhood blight and decay in the <br />