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<br />City of Roseville Housing Improvement Program <br />Housing Replacement Program (HRP) <br />Purchase and Redevelopment Guidelines <br />February 9, 1998 <br /> <br />Program OVerview <br /> <br />The Roseville Housing Replacement Program was approved in 1996 as a pilot program to <br />encourage new investment and improvement to the Citfs neighborhoods. The purpose of <br />the program is to facilitate the replacement of deteriorating lower value housing on <br />scattered sites throughout the City with larger, higher value housing designed for families. <br />To accomplish the goal of the program, the City, acting under the Housing and <br />Redevelopment Authority (HRA), purchases substandard homes and sells the lot to a <br />licensed builder or individual for the construction of a new single family, owner occupied <br />home. <br /> <br />Contract Requirements: <br /> <br />A homebuilder or buyer/builder team must submit a proposal to construct a single family <br />home on the lot. City staff will then review the proposals and make a recommendation to <br />the Council/HRA. If the proposal is chosen by the Council/HRA, the homebuilder will be <br />required to enter into a participation agreement with a non-refundable, non-binding fee of <br />$500 which will provide the builder exclusive right for a maximum of 60 days to enter into a <br />contract for private development. During the participation period, the builder and City staff <br />will negotiate the terms of the Contract for Private Development which will outline builder <br />requirements and housing design and site criteria. If the negotiation fails and a contract is <br />not executed, the $500 participation fee in non-refundable and the participation agreement <br />becomes null and void. Within the maximum 60-day participation period, City staff will <br />bring the negotiated Contract for Private Development to the Council/HRA for final approval. <br /> <br />Builder Requirements: <br /> <br />. Must be a licensed contractor and all sub-contractors must possess a license. <br /> <br />. Demonstrate financial capabilities by providing: <br /> <br />1. A statement from a financial institution of sufficient construction capital <br />2. A letter of credit for the value of the lot <br />3. A summary of financial condition of the company <br />4. Evidence of the ability to secure a construction loan. <br /> <br />1 <br />