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City of Roseville - HRA Minutes for April 18, 2006Page 4 of 5 that replacing the May. Member Kelsey suggested that the bus tour become part of the City’s visioning process and that decision on a date should be tabled until the housing subcommittee is established. Motion: Member Millasovich moved, seconded by Member Bean, to table the 2006 HRA Bus Tour until the Vista/Visioning Steering Committee and Housing Subcommittee are established. Ayes: 5 Nays: 0 Motion carried: 5-0 Amend HRA Loan Amounts and Requirements e. Executive Director Bennett provided a summary of her meeting the Housing Resource Center staff in the evaluation of the HRA’s existing loans. Currently, no loans have been issued under the Family Ownership Loan Program and only a few have been issued under the Ownership Loan Program. Bennett explained that the HRC staff would like to do a marketing blitz regarding the programs but are suggesting a couple of modifications. 1.Ownership Loan Program increase from a limit of $10,000 to $20,000 at 4% interest. The $10,000 amount does not fund much of a renovation project as construction costs rise. The increase amount would make the loan fund more attractive. 2.Family Ownership Loan Program increase its size from $25,000 to $35,000 at 4% interest, eliminate the valuation criteria and increase the income limit from 120% of median income to 130% of median income adjusted for family size. 3.Participate in a marketing blitz in partnership with MHFA and fund 50% of the cost to communicate the programs. Member Kelsey noted that she would have liked to see a copy of the application to understand the existing criteria. She asked how the program is currently being marketed and if it is being marketed to the Realtors. Executive Director Bennett explained that direct mailing was sent to over 2,000 households and that information was put in the housing link that went to all households and emailed to bankers and over 100 Realtors. Member Elkins asked if the funds were for rehab only. (yes) She asked if the MHFA would pay for marketing at that high of an adjusted median income. (yes – their programs are marketed too). Executive Director Bennett noted that another option is to keep the income at 120% of AMI but provide a credit per child to reduce households who income is just above the level to qualify. Member. Kelsey asked if the marketing efforts could be expanded. Member Elkins questioned whether Realtors would “buy in” to the programs. She suggested getting brochures to the bankers instead. Member Bean noted that the last marketing blitz was when interest rates were still low. Now may be a better time with increasing rates. Member Kelsey noted that she preferred to keep the same 120% AMI and provide a credit per child instead of increasing the AMI. Motion: Member Kelsey moved, seconded by Member Bean, to amend HRA loan programs as follows: Ownership Loan Program increase from a limit of $10,000 to $20,000 Family Ownership Loan Program increase its size from $25,000 to $35,000, eliminate the valuation criteria and provide a $2,500 income credit per child. http://archive.ci.roseville.mn.us/council/hra/minutes/2006/hram060418.htm3/10/2008