2007-05-15_Minutes - Laserfiche WebLink

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Carolyn Olson, president of Greater Metropolitan Housing Corporation (GMHC), commented that in administering the Senior Housing Regeneration Program, GMHC often sees homes that are at or around median value ($233,000) but require $35,000 in rehab to address code compliance or delayed maintenance issues. Often, the homeowners are on fixed incomes. Ms. Olson noted that the HRA Ownership Loan Program was created as a tool to maintain and revitalize Roseville housing stock. Noting the income limitation for the Senior Housing Regeneration Program (80% of median income), Member Pust wondered if the RHRA should consider a similar income limitation for the HRA Ownership Loan Program. Ms. Bennett noted that RHRA programs are designed to supplement existing state and county loan programs which typically have an income limitation of 80% of median income. The RHRA recognized that middle incomes families may also have a need for assistance. Chair Majerus moved, seconded by Member Kelsey, to table making Motion: any modifications to the Roseville Owner Occupied Loan Program eligibility criteria and directed staff to prepare a summary of the average assessed valuation for Roseville single family homes as well as a summary of existing programs and what specific criteria is targeted. Ayes: 5 Nays: 0 Motion carried. b.Update on HRA Senior Housing Regeneration Program and Approve Program Modifications. Ms. Bennett explained that this item was placed on the agenda in response to a special meeting to approve a sale of a home in this program in which the gap was larger than what had been previously approved by the RHRA. RHRA board members requested a discussion of status of the homes in the Senior Housing Regeneration Program (SHRP), market issues that have affected the program and the direction of the program. Ms. Bennett explained that with the changing market, the SHRP homes have been on the market longer than anticipated, therefore creating a larger gap at the time of their sale than initially approved by the RHRA. Ms. Bennett gave a summary of the status of the homes in the program noting that the Rondo Land Trust has expressed interest in purchasing one of the SHRP homes at 960 Lovell Ave. which would provide for long-term affordability at this particular house. Ms. Bennett indicated that the SHRP fund is running low with only $18,000 remaining of the $200,000 that initially funded the program, with no additional funding available at this time. Carolyn Olson, president of Greater Metropolitan Housing Corporation (GMHC) which administers the SHRP, noted that 11 homes in Roseville have been renovated and resold in Roseville since the program’s inception. Member Kelsey stressed the importance of marketing the SHRP homes and agreed with the marketing recommendations made by staff. Member Kelsey also suggested weekly emails to realtors, hosting realtor open houses and targeting mailings to renters to better educate the public about RHRA programs. Chair Majerus suggested creating a timeline for the marketing recommendations to better assess their effectiveness. Member Elkins noted that Minnesota Housing website may be a resource for even greater exposure to realtors. Ms. Olson suggested sending emails to Fire Department staff. Member Kelsey agreed with the staff recommendation to limit further home purchases through the program until the remaining SHRP homes are sold and reevaluate the program for the next budgeting process. Chair Majerus pointed out that the market is cyclical and the RHRA needs to react accordingly.