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. The applicant must enter into an agreement with the City and comply with the Housing Replacement Program Design and Site Criteria. . The loan would be paid in full at the time of sale or if the property becomes non homestead. 5.2 The benefits of adding the loan provision to the program are as follows: . The City still meets the goal of the program at a much lower cost . Less staff time is involved because there is no need to order an appraisal, negotiate purchase price, prepare closing information and there is no marketing and sales transactions needed. . The loan payments can be recycled into the housing fund which can be used for other housing programs 5.3 Staff recommends working with the Dee's, if the amendment is approved, and come . back to the Council with the final terms and co,nditions of the loan. 6.0 Suqaested Council Action 6.1 ent to the Housing Replacement Program that provides for a low intere oa up to a maximum of $10,000 for Roseville residents with the provisions that the applicant must prove a financial need for the funds, their permanent mortgage must service the loan for the City, repayment in full is required if home is sold or becomes non homestead and the applicant must enter into an agreement with the City to comply with the Housing Design and Site Criteria outlined in the Housing Replacement Program. Funding for the loan would come from the Housing Fund and payments on loans would go back to the housing fund. 6.2 By motion, direct staff to work with the Dee's on a loan for the demolition of the home at 992 Burke under the Housing Replacement Progra nd work with City Attorney to prepare the necessary contracts to ensur ompliance with the Program. Prepared by: Cathy Bennett, 490-2241 a:\Hqusing\Replacement Program\HRP Revision for Demo,doc . "-'~.. ~~ ~tI. ., RCA - HRP Amendment 06/22/98 - Page 3 of 3