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3.[� <br />�.1 <br />,� ' <br />Fin.qn�in� <br />TeR�� <br />in��r��� <br />1�'I�an�hlv �a� <br />?4��n!lr��� ��,'� ��� <br />}�n�a� I �a�n� <br />l�;�nk <br />� <br />7,��} �— <br />�3�t <br />�irlffZLfl�_.�ir21'l�i��_._ _ . . I . . <br />Fi! �► <br />li <br />{r. � <br />518$,�7��-- <br />,5��?_43 <br />��,��x� , �4 <br />il�����i_J L' <br />H!� <br />�� <br />�.� <br />���.�� <br />j �3�.8� <br />�--=- -�— � <br />�. f �3, �� <br />DOeS <br />Establishment of a Housing Improvement Area for large Mu1ti-Family Renovation <br />Meet the City and HRA's Housing P1an Goa1s & Objectives? <br />One of the key goals in the Roseville T��A Housing P1an is to: <br />a. "Preserve existing housing and develop new housing in partnership with federal, <br />state and regional agencies and non-profit community groups and businesses." <br />Further, section 4.7 of the housing plan speci�ically refers to the creation of HIA as a tool to <br />achieve the City's housing goals: <br />a"Evaluate the establishment of Housing Improvement Districts to address ownership <br />multi-family improvezraents —(Town home and Condo). Work with the town homes and <br />condominiums in Roseville that were built in the 1970's and are aging." Identi�ied as a <br />high priority of the �r1�.A. <br />b. With over 1,700 units, ma��y of which were constructed over 30 years ago, these are one <br />of the most affordable housing types in the community. The iindings of the Roseville <br />HRA's multi-family study indicate that those older units include a majority of people over <br />the age of 55. Many of these town homelcondo associations have not set aside adequate <br />home owners association dues to cover the escalating construction costs over the years. <br />Therefore, the funding of large association improvements are either delayed or increases <br />the monthly payment to a 1eve1 that many seniors or lower income individuals can not <br />afford. <br />c. The City and HRA can provide a�inancing mechanism through a housing service district <br />to help spread the costs of improvementsover a longer period of time at lower interest <br />rates. This method is similar to a special assessmentprocedure. Housing Improvement <br />Districts initiated by the NRA at the request of a town homelcondo association requires up <br />front capital which would be paid back, with interest over a 15-20 year term. <br />�.� The MN State Legislature created this program for the purposes of assisting older complexes to <br />�inance major improvements so that there would be less of a�inancial burden on the residents. <br />When these older complexes were constructed, they were not required to collect adequate reserves <br />for future capital improvements. Nor did they anticipate properlythe need to collect additional <br />funds for larger project improvements. Newer town home complexes have learned fiYarn the past <br />and organizing 1ega1 documents require that a certain percentage of reserves be held in anticipation <br />of large capital improvements. 01der complexes are sti11 trying to catch up. Part of the process for <br />a HIA requires that a�inancial plan be completed by the association so that future fund balances <br />wi11 be available for large capital projects. <br />5.� The �RA considered the use of a Housing Improvement Area for Wcstwood Village I at the <br />HIA Public Hearing (12-18-0� - Page 7 of 8 <br />