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Other Potential Housing Fund Sources: The City should consider that there are other possible sources of funding that could be reserved for this type of large project renovation lending. The following is a brief summary of those sources: 1. Unohligated Tax Increment Revenues from Other Housing Related Projects — There could be some unobligated tax increment revenues from other projects in the City that could be applied to providing loan funds for housing improvements. This option needs to be further evaluated but the city's overall tax increment plan for the entire city clearly identifies using tax increment for housing improvement purposes. 2. Individual Loans for only those with lower incomes — This could provide a specific target to only those with lower incomes but would also be a less secure lending method as each loan would be subordinate to the owner's 1 St mortgage. Taxes are generally � a higher position than mortgage and paid first. Financial Need of Owners: The Council may also wish to consider the financial means of the property owners in Westwood Village I. According to Ramsey County Property Records, the average value of these town home units is approximately $211,000. The Citywide median value is $216,000. Providing financial assistance to average-valued homes sets an unusually low eligibility standard. If this were the only benchmark, approximately 5,000 homeowners in Roseville would be eligible for similar assistance. However, many of these owners have lived in their unit for many years and their home value is not a factor of what they can financially afford but rather a factor of the market inflation over a long period of time. A self certification of income was prepared and mailed to all of the unit owners within Westwood Village. As of the date of this report the following is a summary of those results. (See attached sample provided by Ramsey County and used for the survey) 33 of the 47 units returned completed surveys or a 70% return rate. Of those 33 units, 61% have incomes at or below 120% of the average median income for the metropolitan area as summarized below. The HRA has set 120% as an affordable workforce housing limit within other programs such as the Family Affordable Loan Program, Housing Redesign Program and Applewood Pointe Project. % af total Income Level affordable units Below 50%�4hi I 5% Between 51%- 60%A�il 10% Between 61%- 80%Ah�l 35% Between 81%- 100%,4�1 30% Between 101%- 120%Ardl 20% According to funding requirements of other public entities for multi-family projects such as (HUD, MHFA, Met Council and Ramsey County), 51% of the units must be deemed affordable to be eligible for public assistance. This project meets and exceeds that definition based upon Rasevilie's affordable housing limits. In addition, 54% of the households are over the age of 55. �