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Section 6. HRA Housing Fund (Budget Summary/Forecas�s} The City Council transferred the operation, maintenance and control c� all the housing programs and the housing fund (the "HRA F un d) on June 16,2003. The HRA in support c� the City must adopt a budget for the continued funding c� the Housing Plan annually. The HRA Fund was developed over the years from grants, community development revenues, service fees and the o�e- percent industrial development and housing revenue bond fees. In addition, any interest earnings generated go directly back into the HRA Fund as well as proceeds from the sale c� the Planbook and revenue generated from the sponsor and e�iibit fees c£ the annual Home & Garden Fair. Every effort is made to replenish the HRA Fund through revolving loans within the program. However, no new funding source has been approved by the City and/or HRA to assure that the housing programs are funded in the future. Since 1995, the City has become more proactive in providing programs that meet the needs c� the community. These programs do come at a cost but the benefits have been outstanding. It is estimated, based upon the last 3 years, that between $250,000 -$300,000 has been used to fund City housing programs. The investment has generated significant investment in the community. If the HRA wishes to continue to fund housing programs at that level and/or to achieve the high priority items, the HRA Fund will be depleted within two years. HRA Levv Option: The HRA will review the establishment c� a local levy to help stabilize the HRA Fund and enable it to become more actively involved in its housing decision for years to come. Per Minnesota Statutes 469.033, Subdivision 6, a HRA ha.s the authority to request a special levy upon all tcr�able property within the city boundaries specifically �o fund the purposes of the Housing Plan within that city. The special levy request inust be approved by the inajority of the City Council as part of the budget and truth in taxation process. A budget for the HRA Fund is prepared and reviewed by the HRA Board cf Commissions annually based upon goals and action steps in the Housing Plan. Ros�vi�le Comprehensive Plan - 2003 Update Page 17 cf 17