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Roseville Owner Occupied Loan Program Discussion (03-20-07) - Page 1 of 3 <br />REQUEST FOR HRA DISCUSSION <br /> <br />Date: 03-20-07 <br />Item No: 9.c. <br />Staff Approval: Agenda Section: <br /> CB Report Item Description: Roseville Owner Occupied Loan Program Summary <br /> <br />1.0 Background <br /> <br />1.1 The Roseville Owner Occupied Revolving Loan Program provides 4 percent interest <br />loans at a maximum of $20,000 to Roseville residents for interior and exterior home <br />improvements. Administration of the loan fund is provided by the Housing Resource <br />Center at a minimal cost. <br /> <br />1.2 The Revolving Loan Program has been very instrumental in helping homeowners finance <br />their home improvement projects. As the end of February 2007, the HRA has financed a <br />total of 121 loans in the amount of $1,164,936 since April 2000. The loan funds have <br />helped to finance over $3.3 million in improvements. There currently is only $42,507 <br />available to finance additional loans throughout 2007 unless additional funding is <br />provided by the HRA. The HRA’s 2007 budget includes $100,000 for additional loan <br />funding and/or emergency funding associated with worse case scenario code deficient <br />homes. Each year approximately 4-5 loans are fully paid and the funds are filtered back <br />into the loan pool to provide additional loans. <br /> <br />Revolving Loan – Feb, 2007 <br />Loan Pool: $490,000.00 <br />Total number of applications received: 153 <br />Applications in process: 2 <br />Number of loans closed to date: 121 <br />Total dollar amount of funds used for loans closed: $ 1,164,936.31 <br />Program Income through December, 2006 $717,443.62 <br />Total dollar amount of funds remaining in pool: $42,507.31 <br /> <br />2.0 Program Summary: <br /> <br />2.1 Program Overview : The loan program is designed to supplement existing loan programs <br />available from MHFA, Ramsey County, private lenders and other similar sources. <br />Eligible work shall include repairs, replacement or new construction that will: <br /> <br />• Improve the exterior and/or interior of the property. <br />• Correct local or state code deficiencies, health and safety items. <br />• Improve handicap accessibility. <br />• Reduce long-term maintenance and energy costs. <br />