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REQUEST FOR HRA ACTION <br />Date: 10-21-14 <br />Item No: 9a <br />Staff Approval: Agenda Section: <br /> Action <br />Item Description: Discuss Roseville Home Improvement Loan Program HF0065 <br />Requested Action <br />11.0 <br />2Review and discuss Roseville Home Improvement Loan Program. <br />3 <br />Background <br />42.0 <br />5On April 15, 2008, the RHRA combined the Revolving Loan Program (RLP) and the <br />6Family Home Ownership Rehab Loan and created the Roseville Home Improvement <br />7Loan Program. The RLP Program provided loans for up to $20,000 at 4% interest to <br />8Roseville residents for interior and exterior home improvements. Administration of the <br />9loan fund was provided by the Housing Resource Center. This program was very <br />10successful in supplementing several residents’ minor renovation projects. There were no <br />11income qualifications to be eligible for the program. <br />12 <br />13The Family Home Ownership Rehab Loan program provided loans for up to $35,000 at <br />144% interest to Roseville residents who were at or below 120% of the median household <br />15income and who had at least one of member of the household under the age of 16. This <br />16loan program also targeted properties that had assessed values below the Ramsey County <br />17Median home value for 2007, which was $251,856. At that time, the program was <br />18underutilized because roughly half the applicants were above the income level and others <br />19didn’t have a person under 16 so they were directed to the RLP. <br />20 <br />Roseville Home Improvement Loan Program Summary <br />21 <br />Program Overview <br />22: This loan program was designed to supplement existing loan <br />23programs available from MHFA, Ramsey County, private lenders, and other similar <br />24sources and is targeted to household income limits of 120% of the current median <br />25household income as defined by HUD. Eligible work includes repairs, replacement or <br />26new construction that will <br />27Improve the exterior and/or interior of the property <br />28Correct local or state code deficiencies, health and safety items <br />29Improve handicap accessibility <br />30Reduce long-term maintenance and energy costs <br />Eligible Properties: <br />31 All properties must be located within the City of Roseville. Owner- <br />The home must be 25 years old or <br />32occupied single and duplex properties are eligible. <br />older. <br />33 <br />Income Eligibility:120% of the <br />34 The total household income must be at or below <br />current median household income <br />35 as defined by HUD per family size. <br />Roseville Home Improvement Loan Program (10-21-14) - Page 1 of 3 <br /> <br />