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2007-01-16_Agenda
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2007-01-16_Agenda
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10/25/2011 8:10:16 AM
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Commission/Committee
Commission/Authority Name
Housing Redevelopment Authority
Commission/Committee - Document Type
Agenda/Packet
Commission/Committee - Meeting Date
1/16/2007
Commission/Committee - Meeting Type
Regular
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Housing Plan – 2005 Page 22 Roseville HRA <br />Section 6. HRA Housing Fund (Budget Summary/Forecasts) <br /> <br />The City Council transferred the operatio n, maintenance and control of all the <br />housing programs and the housing fund (th e “HRA Fund”) on June 16, 2003. The <br />HRA in support of the City must adopt a budget for the continued funding of the <br />Housing Plan annually. The City’s Housin g Fund was created in 1991 with $500,000 <br />transferred from existing tax increment proceeds within Development District No. <br />1. The HRA Fund was expanded over the years from grants, community <br />development revenues, service fees and th e one- percent industrial development <br />and housing revenue bond fees. <br />In addition, any interest earnings generate d go directly back into the HRA Fund as <br />well as proceeds from the sale of the Pl anbook and revenue generated from the <br />sponsor and exhibit fees of the annual Home & Garden Fair. Every effort is made <br />to replenish the HRA Fund through revolvin g loans within the program. However, <br />no new funding source has been approved by the City and/or HRA to assure that <br />the housing programs are funded in the future. <br />Since 1995, the City has become more proa ctive in providing programs that meet <br />the needs of the community. These programs do come at a cost but the benefits <br />have been outstanding. It is estimated, based upon the last 3 years, that between <br />$250,000 - $300,000 has been used to fu nd City housing programs. The <br />investment has generated si gnificant investment in th e community. If the HRA <br />wishes to continue to fund housing progra ms at that level and/or to achieve the <br />high priority items, the HRA Fund will be depleted within two years. Therefore, <br />the HRA has requested and received annual levy support from the City Council <br />since 2003. Each year the levy must tie di rectly back to the housing plan goals and <br />objectives. <br /> <br />HRA Levy: <br />The HRA annually reviews the need for a lo cal housing levy to help stabilize the <br />HRA Fund and enable it to become more acti vely involved in its housing decision for <br />years to come. <br />Per Minnesota Statutes 469.033, Subdivis ion 6, a HRA has the authority to <br />request a special levy upon all taxable property within the city boundaries <br />specifically to fund the purposes of the Ho using Plan within that city. The special <br />levy request must be approved by the majo rity of the City Council as part of the <br />budget and truth in taxation process. <br />A budget for the HRA Fund is prepared and reviewed by the HRA Board of <br />Commissions annually based upon goals and ac tion steps in the Housing Plan and as <br />identified in Attachment A.
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