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pf_03162
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7/17/2007 12:50:14 PM
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<br />7. Entry level- first time buyer affordable housing loan program - Council approved <br />participation in the Minnesota Cities Participation Program through Minnesota <br />Housing Finance Agency. $883,535 was awarded exclusively for Roseville for first time <br />homebuyer mortgages. Subsequently, the City participated in the Cities Special <br />Assistance Program, which increased the home buying limit from $95,000 to $112,500. <br />Unfortunately only $118,000 of the funds was used and the City is ineligible to <br />participate in the program for two years. Staff is reviewing other options for enhanced <br />first time homebuying in Roseville. <br /> <br />8. Reverse mortgages and establishing the level of comfort the banks must have to <br />market the concept - Staff continues to develop this program with the local banking <br />community. Two banker's forums were held by Roseville to discuss housing programs. <br /> <br />9. Housing preservation code revisions - Roseville participated in a Housing Study <br />through the North Metro I-35W Corridor Coalition which included recommendations <br />for housing preservation programs. Inspection departments from each community <br />have been meeting to develop a uniform inspection model code. <br /> <br />10. Housing program administrator - In January of 1998 Roseville hired an economic <br />development specialist. One of the responsibilities of this position is to administer and <br />enhance RoseviUe's housing programs. <br /> <br />11. The City continues to consider several sites for additional housing units. Staff <br />projects that there is adequate vacant land available for the addition of 108 single <br />family attached, 322 single family detached and 262 multi family units by the year 2020 <br />based upon current trends. <br /> <br />12. Housing Revolving Loans - Roseville sponsors and partially funds several loan <br />programs. The attached chart summarizes the loan programs. Staff continues to <br />evaluate other opportunities to partner with agencies to leverage existing housing <br />funds. <br /> <br />13. Rental Revolving Loans - renovation and expansion loans for owners of rental <br />property. <br /> <br />13.1 In 1998 Roseville initiated the Rental Rehabilitation Loan program to foster the <br />improvement of multi-family housing (properties with 4-25 units). The <br />program provides owners of rental properties with technical assistance in <br />accessing financing programs for renovation and energy efficient <br />improvements. <br /> <br />13.2 The goals of the program are: <br />market the programs to property owners with 4 to 25 unit building <br />provide approximately 30 properties with technical advice <br />refer approximately 15 property owners to the financing agencies for <br />rehabilitation loans or energy audits. <br /> <br />5 <br />
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