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p�-oposed fr�nding. 'T�e fu�al lev� info�atio� is requi�ed 1:a be subrnitte;d to �e Coun�y by the e�d of December fox taxes payable izi 2008. 3.0 ��opased �udget C�r�s�derat�ons �- Levy Fumd '723: 3.1 At-tac��d are two �ropasec� HR..A levy bud�et optic�ns �hat show expected zev��u�/expenses for 2Q07, proposed 2008 budget and claang� aver 2q0'i budget. These proposed 2008 b�.dgets are reflective o�' antieipated funds carried forward and potez�tial pzoject e�pen:s�s �oz 2008. The HRA Fiz�ance Subeoz�.zttee �x�et an July ] 7, 2Q�7 tca diseuss the 200$ b►zdget with the conclusion that fiu-iher review di the Imagin� Rosevi3le 2025 goals s�o�ld be considered. T� addi�ion, the I�RA �net an August 7, 2007 in a s�ec�a� me�t�ng ta discuss t�re iz�pacf of ��agizze Raseville 2025 Housaz�g Gaals and poiential housing issues the HRA shauld focus on �n 2048. The majority of the discussia� at i�� special z�aeetzzzg fac�sed on pzotEet�ng nezghbor�aood value i� ha�sing a�d �ar4vidix�g fdcus to ef%ctively and efiiciently address eode enfazcerriez�t and �l�e i�npact of fhe aging �nulti-family housing stoek. The followi�tg is a s�mma�-y of the HRA progxazn az�d fia�zding suggestions foz' 2008. a. �ome ��art�en F�ir —�'he 2007 show �€zlly absorbed paying for s�.ff tix�ae �n coo�da.nate tl�� shaw. With a$4,� S6 loss associaied with i�creasirig ex�ibit spac� �ee, �he 2008 show wi11 inciude evaluation of increasing fair fees to iarget a closer break-aven prograrn. b. �ul�.-Fat�r�ily �e�ab - N�Iost of the MF re�ab is fiaz�ded with zestxicted �u�ds (720, 72i}. I�owever, wifh cor�.�r�tfed funds to �13e Har Mar rennvatia� in t�e az�aount af $2SQ,O�Q and fi�rading far fhe Se:�ior Housing Regenerataa�. P�agrazn zn the asnount o��2Q0,000, �he restrzctect �.2zzc� balance zs fizlly cor�mitted to these pxajects. � 2008, the �IIZA discussed provzding adec�uat� �'uz�di�g to support a more proaeiive pro�ram fia a�dz�ess the agzng m�z�tifaznity houszz�g stack z.� t�Ze city. T�e �ollowing are budget o�ations. i. T�e owners of Har Mar Apartine�ts are again req�esting $100,000 in l�vy ��ds io sup�ort the r�novatio� i� addi�ipn to the $250,000 izx restzict�d fitt�ding. In 20D'7, this fundir�g req�est was recamrnended by tk�e H�tA. Hnr�vever, t�e pro�ect d'zd not receive £��ding frnrt� the �ia�e for tax credzts and the praject re��ovafiia� was delayed. Tt�e orunexs a7re ance a�ain: applying for t� a credit �nding that includes a total of $350,000 i� fir�di�g frozx� �3e �Z�iRA or w�ich �J.00,400 is �om t}�e I'�RA ievy. zi. T�Ze HRA. also discussed requestzz�g a z�ax�zxa.um levy (.Q1441% ofthe taial eifiy markei va�ue of $�.2 bi�2za� =$6(35,22q). Tkz� addit�ozzal fi�diz�g wi�� alio�v c�azrez�t progra�ns fo reznain in e�feci, plus have t�e needed �nds avazlable ta pxo�zde as a�atch io gxant fuz�dzng for renova�i.on of. znu3.tz�a�aly compiexes. With t�ese �inds availabie, tl�e IIR.A� will have g�-eater leverage in securing �rant fuzading az�d pezsuad�ng z�n�a� o�vrzezs and developers to make needed 'un�rove�nents. Wz�h th� agir�g of multifazni�y housing the d�c��ne o��arg�r properties caa� Yzave a si�tiificant I�RA B�dget Adoptions_2008 - Page 2 oi4