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RHRA Meeting Minutes – Monday, May 25, 2016 Page 17 1 Ms. Kelsey advised that they asked Community Development Department staff 2 what they did, at which time staff provided them a copy of this packet, noting 3 they were no longer distributing it. 4 5 Executive Director Trudgeon advised that the Community Engagement 6 Commission still had this on their list of things to discuss, but had not taken it 7 under consideration yet. 8 9 Ms. Kelsey reported that since the loan program had been changed in January 10 of 2015, these programs were specific to Roseville and not duplicative of other 11 loan offerings. Ms. Kelsey noted that state and county programs are typically 12 income-limited in addition to other restrictions, with variable interest rates 13 based on collateral levels. 14 15 As far as the annual budget/levy, Ms. Kelsey reported that for marketing 16 impacts of these programs, the cost was less than $10,000 annually for printing 17 and mailing costs, with a post card sent to all homes in Roseville that may 18 qualify under current loan guidelines, directing them to the HRC for more 19 information, or for another program that may be better suited based on their 20 income level. 21 22 At the request of Member Laliberte, Ms. Kelsey advised that 4,000 post cards 23 were printed and mailed, representing approximately half the single-family 24 homes in Roseville based on home values. Ms. Kelsey noted that this excluded 25 townhomes and condominiums that qualified for interior but not exterior loan 26 funds. 27 28 Roseville Multi-Family Housing Loan Programs 29 Prior to the city’s rental licensing program going into effect in 2008 using levy 30 funds, Ms. Kelsey advised that this program represented a budget/levy amount 31 of $200,000 to $300,000 annually to build up this loan fund. Ms. Kelsey 32 reported that one development having taken advantage of this assistance was 33 the Sienna Green Apartments for gap financing, approved by the RHRA and 34 City Council. While the program has some limitations, Ms. Kelsey noted that 35 it was somewhat flexible. 36 37 Ms. Kelsey reported that $1.5 million was available right now, with the most 38 recent use being the Dale Street project for higher density, since paid back/ 39 40 At the request of President Roe, Ms. Kelsey reviewed the program’s history 41 and annual levy option versus setting it up as a revolving loan program, 42 depending on the REDA’s direction. Ms. Kelsey noted this could provide an 43 incentive to obtain the right development, referencing the City of Bloomington 44 having used a similar program to obtain market rate apartments. 45