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REQUEST FOR HRA ACTION <br />Date: 1-20-15 <br />Item No: 9c <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 />Background <br />32.0 <br />4The Housing Resource Center (HRC), who administers the loan program, attended the <br />5October 21, 2014, meeting and reviewed with the RHRA Board the current loan program <br />6and discussed making modifications. This was based upon a loan balance of <br />7approximately $600,000 and not much activity during the last couple of years. The <br />8Board directed staff to review other communities’ loan programs and current loan <br />9programs available to Roseville residents. Concern by the board was noted at the <br />10November 18, 2014, meeting that maybe $30,000 was not enough money to help with <br />11doing some substantial home improvements. <br />12Staff met with the finance committee subgroup on January 20, 2015, to hear their <br />13recommendations for modifying the loan program. <br />14Based on the discussion with the RHRA Board and the finance committee subgroup, the <br />15following modifications are recommended for the Roseville Home and Improvement <br />16Loan Program for 2015. <br />17Add a maximum value of the home to be equal to the Roseville Median Home <br />18Value. For 2015 that value is $217,300. <br />19 <br />Having a maximum home value equal to the Roseville median home value <br />o <br />20 <br />provides for a target for the loan program, which is the mid-point value of all of <br />21 <br />the single family homes value for the year. <br />22Increase the maximum loan amount to $40,000. <br />23 <br />A review of the 2009 – 2013 building permits for work performed shows that <br />o <br />24 <br />approximately 94.5% of the project valuations were less than $40,000. <br />25Include a requirement that an energy audit must have been done in the last 3 <br />26years. <br />27 <br />Requiring the energy audit currently fits into the RHRA’s program to provide <br />o <br />28 <br />200 energy audits a year. <br />29Remove the income restriction. <br />30 <br />Removing income restrictions allows more residents to improve their homes and <br />o <br />31 <br />bases the program on the value of the home rather than the income of the owner. <br />32 <br />33Lower the interest rate from 4% to 3%. <br />34 <br />The 3% interest rate was determined by the finance committee subgroup to be <br />o <br />35 <br />more favorable and would encourage more home improvements be done in <br />36 <br />Roseville. <br />Roseville Home Improvement Loan Program (1-20-15) - Page 1 of 3 <br /> <br />