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2016-06-21_EDA_Agenda_Packet
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2016-06-21_EDA_Agenda_Packet
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6/20/2016 10:06:39 AM
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Economic Development Authority
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In addition, the program has supported RHRA and now the REDA activities for acquiring <br />58 <br />property that can be redeveloped into higher density housing. Attachment C provides an <br />59 <br />budget $100,000 of levy funds in 2016 <br />outline of the program. The RHRA did to be put <br />60 <br />towards this program but there is not sufficient funding in the general operating account to <br />61 <br />support that budgeted amount. <br />62 <br />This program has been utilized for two developments thus far: Rehabilitation of Sienna <br />63 <br />Green (previously HarMar Apartments) and Garden Station Homes. <br />64 <br />County and State Multi-family Loan Programs. <br />65 <br />The County and the State do have loan programs for Multi-family Rental Housing <br />66 <br />rehabilitation and new construction that require incomes of residents to be limited and <br />67 <br />qualified. The City of Roseville and the RHRA have used these funds to assist housing <br />68 <br />developments. In addition, these funds are limited and have a very competitive application <br />69 <br />process. <br />70 <br />PO <br />OLICYBJECTIVE <br />71 <br />Continue discussion with the REDA regarding housing loan programs that sustain and improve <br />72 <br />owner-occupied and multi-family housing values in Roseville. <br />73 <br />BI <br />UDGET MPLICATIONS <br />74 <br />This report provides 2016 budget implications and some proposed 2017 budget implications for <br />75 <br />housing programs only. <br />76 <br />SR <br />TAFF ECOMMENDATION <br />77 <br />Review attached information and provide direction to staff regarding current loan programs and other <br />78 <br />loan and incentive programs that the REDA would like explored to increase housing values. <br />79 <br />RCA <br />EQUESTED OUNCIL CTION <br />80 <br />Provide direction to staff regarding current programs and other programs that the REDA would like <br />81 <br />explored to increase owner occupied and multifamily housing values. <br />82 <br />Prepared by: Jeanne Kelsey, 651-792-7086 <br />Attachments: A: HRC Construction Consultation and Loan Program Activity <br /> B: Loan Program Comparison Chart <br /> C: Multi-Family Loan Programs <br />Page 3 of 3 <br /> <br />
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