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<br />City Council Minutes - 03/11/02 <br />Page 2 <br /> <br />additions. Olson indicated that there was a leverage ratio <br />of $7 in private investment for every $1 in public funds. <br />HRS administers the Minnesota Fair Housing <br />Association loan program whereby $25,000 in principal <br />is available to eligible recipients at 5% interest for home <br />improvement. HRC' s goal is to keep the existing <br />housing stock viable. Olson reported on a current state <br />application seeking Metropolitan Council funding to <br />purchase Roseville Single Family Homes from senior <br />ci tizens to turn them over to young families with deed <br />restriction; the state Met Council would provide gap <br />financing. <br /> <br />Klausing asked about the details of this program. <br />Maschka asked about reverse mortgages. <br />Kough asked about converting Single Family Homes to <br />duplexes. <br /> <br />2. Ramsey County Affordable Housing Programs. <br /> <br />County Commissioner Jan Wiessner spoke about the <br />shortage of affordable housing units in the Twin Cities <br />Metro area. She then described the County's Housing <br />Endowment Fund. Housing, she said, is the crux of a lot <br />of social, economic, and transportation problems. <br />Through the County's Endowment Fund, the County <br />provides gap financing for private developers of <br />affordable housing. The County is currently working on <br />three projects, including the Accessible Space Project in <br />Roseville at Lexington and Roselawn. <br /> <br />The County does have a Housing Redevelopment <br />Authority (HRA) but the County HRA does not, at this <br />time, levy any tax to support its programming. <br /> <br />The County is also the local admini&rator for federal <br />Community Development Block Grant (CDBG) <br />programs and HOME programs. <br /> <br />Mary Lou Egan, of Ramsey County, elaborated on the <br />County's housing programs. <br />