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REQUEST FOR HRA ACTION <br /> <br />Date: 11-20-07 <br />Item No: 8 a. <br />Staff Approval: Agenda Section: <br />MD Action Item Description: Senior Housing Re generation Program – 1000 Woodhill (HF_0033) <br />1.0 Background <br />1.1 During the meeting held on October 23, 2007, the HRA board directed staff to review the <br />pro forma completed by the Greater Metropolitan Housing Corporation related to total <br />costs to date on the property. Staff was also directed to review interest payments, <br />rehabilitation costs and review comparables. Staff reviewed this information and has <br />attached all information to this memorandum. The requested action pertaining to this <br />property has not changed since last month. <br /> <br />1.2 The HRA approved the program outline and funding for the Senior Housing <br />Regeneration Program (SHRP) for Roseville in August 2005 with the Greater <br />Metropolitan Housing Corporation (GMHC). The approval allocated $200,000 for the <br />purchase gap of homes sold by seniors and purchased by first time home buying families. <br /> The program has been funded by Ramsey County and Metropolitan Council in the past <br />with 8 homes purchased in Roseville with the County and Met Council funds. In <br />considering funding the program, the RHRA want ed to target their funds with additional <br />criteria to meet their family and partnership goals. Therefore, the approval of $200,000 <br />in gap funding included the following additional criteria. <br /> <br />Proposed Realtor Partnership: <br /> <br />o A seller represented by a Realtor will pay the Realtor fee for homes purchased by GMHC <br />at no additional cost to the program. <br /> <br />o If a Realtor brings a first time buyer to GMHC, the Realtor will agree to a reduced <br />commission of 2.5% of the sales price. That additional cost will be added to the <br />proforma that calculates the second mortgage and gap funds. <br /> <br />o GMHC will direct their marketing agent to offer the property on the RMLS with at 2.5% <br />payout. <br /> <br />Buyer Eligibility Requirements: <br /> <br />o First Time Homebuyer <br />o Households of two or more with one member age 16 years of age or younger. <br />o Income at or below 80% of median income <br />o Certified Homebuyer Training required prior to closing <br />o Target public service employees (police, fire, teachers) and Roseville renters <br /> <br />1.3 The overall goals of the program are to: <br />o ensure that existing homes will be brought up to code and modernized <br />o ensure that the value of the home will increase <br /> Roseville SHRP Program- 1000Woodhill (11.14-07) - Page 1 of 3