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The personnel costs to administer these programs for 2016 (except NEP, which includes staffing 15 costs) will be $166,180 in salaries and benefits with overhead costs of approximately $35,000- 16 $40,000. The REDA board conversations regarding the modification and/or addition of loan 17 programs may have staffing implications as well. 18 19 Programs to be Reviewed for Further Consideration/Modification 20 At the last meeting it was determined the following programs needed further discussion and review to 21 see if any modifications were needed. 22 Roseville Home Improvement Loan Programs 23 Roseville has offered residents low-interest home improvement loans since 2000. The loan 24 no new levy funds programs have been revolving and self-sustaining since 2009 with being 25 added to the program. 26 The criteria for the loan programs has varied over the years and is re-evaluated from time to 27 time to make sure the programs are meeting the needs of the residents when considering 28 property values, demographics, and income limitations. For example, in 2015, the program 29 criteria was modified to remove income restrictions and to establish a maximum property 30 value (before improvements) of $216,500 (which is the 2016 median value of residential 31 properties in Roseville). The maximum loan amount was also increased from $25,000 to 32 $40,000. After these changes were implemented, the number of loans closed in 2015 33 increased (see Attachment A). In an effort to encourage energy efficiency, the loan program 34 required home owners to have an energy audit prior to the loan origination. 35 As one might expect, the activity in this program is heaviest in the summer months so a 2016 36 increase hasn’t yet been noticed, however, Attachment A provides data for the activity from 37 2000 through 2015, as well as the year-to-date activity in 2016. 38 County and State Home Improvement Loan Programs 39 Ramsey County and the State of Minnesota also offer rehabilitation loan programs that are 40 income limited and may be related to emergency assistance. The programs do have maximum 41 loan amounts or terms and are offered as secured and unsecured with varying interest rates. 42 See Attachment B for a chart that compares all the loans available to Roseville residents. The 43 chart also includes programs available to residents of municipalities comparable to Roseville. 44 Ramsey County also receives federal HOME funds annually from Housing and Urban 45 Development (HUD) as well as Community Development Block Grant (CDBG) funds that 46 have specific guidelines for property owners. The state bonds for their loan programs so 47 interest rates vary based upon costs to issue the bonds. Both County and State funds are 48 limited and require income qualifications. Attachment B provides an outline of the program 49 for owner-occupied housing. 50 Roseville Multi-family Housing Loan Programs 51 The RHRA established this in 2008 with levy funds to assist existing rental property owners 52 budgeted with 5 or more units to reinvest and update their properties. The program has been 53 for every year since in the levy because it was determined that the RHRA would need 54 substantial funds to build a revolving loan program to assist property owners with 55 rehabilitating existing multi-family rental housing and provide support to the building codes 56 division as they continue the implementation of rental licensing program. 57 Page 2 of 3