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�' �f � <br />�y ;` I V <br />#���� : <br />�-� HRA� <br />Rnse��71e Havsing anJ Rede�relopmav� Auehoriry <br />ROSEVILLE MULTI-FAMILY RENTAL PROGRAM <br />PROGRAM GUIDELINES <br />Loan Pool: The City of Roseville Housing & Redevelopment Authority (RHRA) in partnership with <br />the Greater Metropolitan Housing Corporation (GMHC) has made approximately $300,000 available <br />for exterior and interior rental property improvements in Roseville. Current available dollars for loans <br />are based upon the fund balance for any given period. <br />Proqram Overview: The loan program is designed to provide matching funds to building owners of <br />multi-family properties that need rehabilitation. For every dollar from this program the borrowers must <br />have matching funds from another source. Eligible work shall include: <br />1. Improve the exterior and/or interior of the property. <br />2. Correct local or state code deficiencies, health and safety items. <br />3. Improve handicap accessibility. <br />4. Reduce long-term maintenance and energy costs. <br />Interest Rate: The interest rate will be a blended rate that will not exceed 6%, or the current <br />Minnesota Housing (MH) Rental Rehab Loan interest rate. For example, if a rental property owner <br />uses the MH Rental Rehab Loan Program at 6%, then the Roseville Multi-Family Rental Program <br />interest rate would be 0%. A maximum of 3% interest rate will be charged if a property owner uses <br />equity or replacement reserves. There must be a one to one minimum match. <br />Eliqible Properties: All properties must be located within the City of Roseville, must be 5 or more <br />units and must be a minimum of 25 years old. Property owner will be required to either become a <br />member or have current membership with the Crime Free Multi-Family Association. <br />At the time of application, 51 % of the units must have gross rents, including utilities, which are not <br />above the Metro Area Section 8 Housing Standards as determined by the Metro HRA adjusted <br />annually. Applicant will certify that total rental units, whether occupied or vacant, will meet this <br />requirement. <br />The current rent standards for the area are: <br />Unit Size Gross Rent-Includinq Utilities efFective 10/21/09 <br />Efficiency $880 <br />1 $943 <br />2 $1132 <br />3 $1308 <br />4 $1459 <br />F:ACo�umon\SuburbanARosevilleARentalRel�ah\Pro�•amGuidelines <br />GMHG FeU 17, 2009 <br />