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2013-02-19_HRA_Agenda_Packet
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2013-02-19_HRA_Agenda_Packet
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7/19/2013 4:04:35 PM
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7/19/2013 3:46:21 PM
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Commission/Committee
Commission/Authority Name
Housing Redevelopment Authority
Commission/Committee - Document Type
Agenda/Packet
Commission/Committee - Meeting Date
2/19/2013
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Attachment A <br />A homeowner must submit a request for a demolition loan and include a proposal for the <br />construction of a new single family home on the lot. The proposal must include an estimate <br />of demolition of the existing substandard home and a statement of need for the loan. The <br />homeowner will be required to enter into a Demolltion Loan Agreement with the City for the <br />construction of the new home which will include the terms of the loan. The loan must be <br />serviced by the bank that wilt hold the first mortgage with the agreement that the City will <br />take a second position on the mortgage. <br />Builder Requirements: (Option 11 <br />© Must be a licensed contractor and all sub - contractors must possess a license. <br />Demonstrate financial capabilities by providing: <br />1. A statement from a financial institution of sufficient construction capital <br />2. A letter of credit for the value of the tot <br />3. A summary of financial condition of the company <br />4. Evidence of the ability to secure a construction loan. <br />o Must posses adequate insurance that should include Builder's Risk, Comprehensive <br />General Liability and Workers Compensation. <br />a Provide references from: <br />1. Hve satisfied customers <br />2. Three major suppliers, one being the construction lumber supplier <br />3. Two building Inspectors <br />® Provide an inventory of homes currently under construction. <br />Buyer Reouirements (Option 2): <br />a Must identify a licensed homebuilder to for building the replacement home. <br />® Must be pre - approved for permanent financing with a Roseville Bank that will agree to <br />service the demolition loan for the City of Roseville. <br />Must provide adequate financial information to prove a financial need for the loan. <br />Page 2 <br />
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