2005-07-19_Minutes - Laserfiche WebLink

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New Page 1Page 3 of 4 To continue to implement this program in Roseville, the HRA is being asked to provide gap funding to GMHC. The financing subcommittee suggested providing $200,000 to the program out of the restricted fund 721. These funds would provide gap funding for the purchase of an estimated three to four homes. Based upon the condition of the home and required rehab costs, most of the gap funds would be recaptured in a second mortgage held by the HRA. Chair Majerus and Cathy Bennett provided a summary of a meeting with GMHC President, Carolyn Olson and the possibility of a partnership with local realtors to implement the program. It was suggested to table the action on the program until member Hermes could provide comment regarding the suggested partnership with Realtors for the program implementation. Member Kelsey asked when payments are made on the “soft second” mortgage. (not until the house is sold). She also wondered if interest on the soft second could be increased to encourage long term ownership with a write down at the end of a longer mortgage period. Staff will review. Member Maschka asked about a “shared equity” relationship with the homeowner. Staff will review. Motion: Member Millasovich moved, seconded by Member Kelsey, to table agenda item 7.b. until August 16, 2005 for further evaluation by the full board. Ayes: 6 Nays: 0 Motion carried. c) Review and Approve Neighborhood Enhancement Action Steps (HF0025) Chair Majerus reported that the presentation by Barbara Raye to the City Council was tabled until August 8, 2005 due to scheduling conflicts. Therefore, Chair Majerus suggested tabling action on the possible action steps until August 16, 2005 for input from the City Council. Motion: Member Kelsey moved, seconded by Member Maschka, to table item 7.c. until August 16, 2005 for further comment by the City Council. Ayes: 6 Nays: 0 Motion carried. ) Discussion of 2006 Proposed Preliminary Budget and Set Public Hearing for August 16, 2005 d (HF0031) Executive Director Cathy Bennett outlined the time table for discussion/action on the HRA proposed budget. On August 16th the HRA will be asked to approve a preliminary budget and hold a budget hearing. On August 22nd the HRA meets with the Council; on September 12th the council will adopt a preliminary budget and draft levy. She described the restricted CDBG fund budget and the unrestricted levy budget with minimal programming and needed levy amount. She suggested amending the housing plan to include the multi-family study and neighborhood meeting report. The budget may be changed based upon the discussion with the Council on August 8th as a result of new programs. The current budget does not include any new programs. Member Kelsey asked if Home and Garden Fair (a self-sustaining activity) expenses could be taken off of levy budget. It is a “wash”. Staff will check with the Finance Department. The Finance committee will meet after the 8th and before the 16th so that a budget can be http://archive.ci.roseville.mn.us/council/hra/minutes/2005/hram0507219.htm3/12/2008