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Roseville Owner Occupied Loan Program Discussion (03-20-07) - Page 2 of 3 2.2 The type of improvements that are being made using Roseville’s loan program include the following: • Bathroom, kitchen and basement remodeling; • Doors, windows and siding replacement; • Roofs, gutters, chimney and driveway replacement; and flooring, electric, furnace, painting projects • 2 nd story additions, garage replacements, basement water proofing 2.2 The incomes of residents being served through this program in 2005-06 is between $17,094 and $172,000 with 47% being provided to middle income residents making under $100,000 and 53% serving residents making over $100,000. When the program was evaluated in March of 2004, the majority of the loans (56%) were being provided to middle income residents making between $50,000 - $90,000. The following is a breakdown of the income ranges of loan issued between 2005-2006. 2.3 The loan program was designed to meet the middle income families. The RHRA’s affordable workforce income limit has been to serve households with income at or below 120% of the area median income as noted below for a family of four. The State and County programs typically serve incomes that are below 80% of median income or below. *2005 Median Income: $77,000.00 *2006 Median Income: $78,500.00 80% of Median: $61,600.00 80% of Median: $62,800.00 120% of Median: $92,400.00 120% of Median: $94,200.00 3.0 Staff Comments: 3.1 There has been an increase in use of the loan program since the HRA increased the loan level from $10,000 to $20,000 last year. However, this has also increase the use of the program by higher income families. With only $42,507 in funds remaining in the loan pool, enough for 2 more loans, the HRA will need to invest more into the program. Staff Number of Loans Income Range % of Total 2 Below $40,000 7% 4 $40,001 - $60,000 14% 7 $60,001 - $80,000 25% 4 $80,001 - $100,000 14% 6 $100,001-$120,000 21% 5 Over $120,000 18% 28 100%