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Section 6. HRA Housing Fund (Budget Summary/Forecasts} The City Council transferred the operation, maintenance and control cf all the housing programs and the housing fund (the "HRA F u n d) on June 16,2003. The HRA in support � the City must adopt a budget for the continued funding cf the Housing Plan annually. The HRA Fund was developed over the years from grants, community development revenues, service fees and the or�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 cf the Planbaok and revenue generated from the sponsor and exhibit fees cf 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 � 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 Levy Option: The HRA will review the establishment � 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 tcrxable property within the city boundaries specifically �a fund the purposes of the Housing Plan within that city. The special levy request must l� approved by t�e majorityof ihe City Council as pari of the budgetand 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. Rosevi�le Comprehensive Plan - 2003 Update Page 17 cf 17