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lower RHRA 2 nd mortgage of $38,000 and the same level of permanent loss of $26,470. <br /> <br /> <br />4.0 Staff Recommendation – Staff would recommend Option 2 for the following <br />reasons. <br /> <br />1. The RHRA is able to capture most of the gap in a second mortgage which will be <br />returned to the RHRA upon resale of the home. <br /> <br />2. By taking the property off MLS, the total cost is reduced by $5,886. GMHC has <br />just as much success in selling the homes with their identified realtor based upon <br />their experience in offering this program in many other communities across the <br />metropolitan region. <br /> <br />3. Shifting the burden to the potential buyer as in Option #3 will eliminate them <br />from the ability to access additional financing from Ramsey County in the amount <br />of $20,000. <br /> <br />4. To keep the program within the identified budget of $200,000, Option #1 is not <br />recommended. <br /> <br /> <br />5.0 Other considerations: <br /> <br />5.1 Remove the requirement that the new homeowner have one child under that age of <br />16. This requirement reduced the pool of potential buyers and makes the home more <br />difficult to sell. When the HRA created the criteria, the residential home market was <br />much more active and there was a larger market for home purchases. With the current <br />soft market it may be in the best interest of the HRA to move the sale as quickly as <br />possible and eliminate as many barriers as possible. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Attachments: SHRP property summary options, market analysis <br /> Roseville SHRP Program- 1000Woodhill (10-16-07) - Page 3 of 3