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New Page 1Page 2 of 4 <br />Motion: Member Scheunemann moved, seconded by Member Maschka, to accept the 2005 2nd <br />quarter reports, in accordance with the recommendation of the Executive Director. <br /> <br /> <br />Ayes: 5 <br />Nays: 0 <br />Motion carried. <br /> <br />Member Millasovich entered the meeting. <br />  <br />Action Items <br />7. <br /> <br />a) Approval of New Roseville Family Ownership Loan Program (HF0032) <br /> <br />Executive Director Bennett advised that the HRA’s current Owner Occupied Revolving Loan Program <br />has been very successful in assisting Roseville residents for interior and exterior home improvements, <br />with an initial investment of $490,000, with a current fund balance of $183,747.62. She recommended <br />keeping it in place. <br /> <br />The HRA finance subcommittee has recommended that a new program should be created to target <br />home improvements (up to $25,000) by young families with children with homes of $216,000 or less. <br />This 4% loan program would supplement existing loan programs available from MHFA, Ramsey <br />County, private lenders and other similar sources. The Executive Director reviewed the eligibility <br />criteria for income, household size, interest rate and maximum loan amount. <br /> <br />The HRC will administer the loan pool for a fee of 10% of the total loan pool. <br /> <br />Member Bean asked for amounts of dollars for 120% of the median income (approximately $85,000). <br />She asked for clarification on two bids requirement for someone who is doing their own work (bids on <br />materials only). <br /> <br />Motion: Member Bean moved, seconded by Member Maschka, to approve the re-establishment <br />of a Roseville Family Home Ownership Loan Program with initial funding of $250,000 loan pool <br />and $25,000 administrative costs from the existing 2005 unrestricted budget funds, to be <br />administered by the Housing Resource Center immediately. <br /> <br />Ayes: 6 <br />Nays: 0 <br />Motion carried. <br /> <br /> <br />b) Approval of Distribution of Funds to Senior Housing Regeneration Program for Roseville <br />(HF0033) <br /> <br /> <br />Executive Director Cathy Bennett explained that the Senior Housing Regeneration Program (SHRP) <br />through the Greater Metropolitan Housing Corporation (GMHC) has been very successful in Roseville <br />to address the first time homebuyer needs as well as provide an easy alternative for seniors selling their <br />home. If a senior sells their home under this program, they receive fair market value and they would be <br />free of the hassles of making needed updates, repairs or holding open houses. If the home is purchase <br />by GMHC, they will make the renovations needed for resale to a first time buyer at an affordable price <br />(affordable to those making 80-115% of median income). <br /> <br />The pilot program did not require City and/or HRA funds. Eight single family homes were purchased <br />and sold to first time buyers under the program with state and county funding. The funding covered the <br />gap between the cost of purchase, renovation and the sale at an affordable price. A portion of the gap is <br />covered by a second mortgage. The average gap in Roseville is between $50,000 and $60,000. <br /> <br />http://archive.ci.roseville.mn.us/council/hra/minutes/2005/hram0507219.htm3/12/2008 <br /> <br />