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<br />Does
<br />Establishment of a Housing Improvement Area for large Multi- Family Renovation
<br />Meet the City and ' Housing Plan Goals & Objectives?
<br />One of the key goals in the Roseville HRA Housing Plan is to:
<br />a. "Preserve existing housing and develop new housing in partnership with e era
<br />state and regional agencies and non- Profit community groups and businesses."
<br />M: �I? Further,eeti+n.7 of the housing plan specifically refer t+ the creation of tool to
<br />achieve the City's housing goals:
<br />a "Evaluate the establishment of Housing Improvement Districts to address ownership
<br />multi-family it r, venient _ (Town home and Condo). Work with the town homes and
<br />condominiums in Roseville that were built in the 1970's and are agin, . Identified as a
<br />high priority of the �RA,
<br />b. With over 1,700 units many of which were constructed over 30 years ago, these are one
<br />of the most affordable housing types in the community. The findings of the Roseville
<br />M A's multi - family study indicate that those older units include a majority of people over
<br />the age of 55. Many of these town homelcondo associations have not set aside adequate
<br />home owners association dues to cover the escalating construction costs over the years.
<br />Therefore, the funding of large association im rovementsare either delayed or increases
<br />the monthly payment to a level that many seniors or lower income individuals can not
<br />afford.
<br />c. The City and HRA can provide a financing mechanism through a housing service district
<br />to help spread the costs of improvements over a longer period of time at lower interest
<br />rates. This method is similar to a special assessment procedure. Housing Improvement
<br />Districts initiated by the NRA at the request of a town homelcondo association requires up
<br />front capital which would be paid back, with interest over a 15-20 year term.
<br />5 3 The MN State Legislature created this program for the purposes of assisting older complexes to
<br />finance major improvements so that there would he less of a financial burden on the residents.
<br />When these older complexes were constructed, they were not rewired to collect adequate reserves
<br />for future capital improvements. Nor did they anticipate properly the need to collect additional
<br />funds for larger proi ect improvements. Newer town home complexes have learned Er the Past
<br />and organizing legal documents require that a certain percentage of reserves be held in anticipation
<br />of large capital improvements. Older complexes are Mill trying to catch up. Part of the process for
<br />a H,Lk requires that a financial Plan be completed by the association so that future fund balances
<br />will be available for large capital projects.
<br />544 The HRA considered the use of a Housing Improvement Area for Westwood Village I at the
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