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2008-01-15_Agenda
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2008-01-15_Agenda
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4/9/2015 4:03:37 PM
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Commission/Committee
Commission/Authority Name
Housing Redevelopment Authority
Commission/Committee - Document Type
Agenda/Packet
Commission/Committee - Meeting Date
1/15/2008
Commission/Committee - Meeting Type
Regular
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REQUEST FOR LDC ACTION <br />Date: 01-15-08 <br />Staff Approval: Agenda Section: <br />PT LDC Agenda <br />Item Description: Roseville Local Development Corporation (LDC) Agenda Items <br />1.0 REQUESTED ACTION <br />Adopt minutes from the 2007 LDC meeting and elect officers for 2008. <br />2.0 BACKGROUND <br />2.1 The City's Local Development Corporation was formed in 1988 with the purpose of <br />securing Federal Housing and Urban Development (HUD) funds to establish a low <br />interest loan program specifically for the senior housing proj ect on County Road B called <br />Villa Park The purpose of the loans was to provide seniors with an alternative for <br />financing the purchase of condominiums at Villa Park, therefore making many of the <br />units affordable. For the City to secure the HUD funds for this purpose, HUD required <br />the establishment of a Local Development Corporation (LDC). This enabled the City to <br />collect the program income once the loans were paid back Any program income must be <br />used in accordance with current HUD guidelines serving those with incomes at or below <br />the current 80% of inedian income. <br />2.2 There are currently three loans outstanding with residents in the Villa Park complex. The <br />LDC is collecting the interest only on these loans. They are due and payable in full upon <br />sale of each Villa Park unit. The loans were issued in 1989-90 and held 2% interest <br />which is being collected. The total fund balance, liabilities and retained earnings in the <br />account as of the end of 2007 is $308,315. $258,315 is available cash to use for <br />programming and $50,000 is the outstanding loans. However, these funds are shown as a <br />liability since they originated as Federal funds and must be reused in accordance with <br />their guidelines as noted above. <br />2.3 In 2003 the HRA accepted the assets and liabilities of the LDC from the City Council. <br />The LDC should remain in force until all of the loans are repaid. Once the loans are fully <br />paid, the LDC could be abolished and the program income can be used by the HRA in <br />Roseville for eligible projects that serve low-to-moderate income residents. The HRA <br />primarily has the same authority as the LDC for use of the federal funds. <br />2.4 Per the requirements of the LDC Bylaws, Section 3.9 on January 8, 2008 public notice <br />was posted for the January 15, 2008 meeting of the LDC. <br />2.5 In addition, each year officers are elected from the members of the HRA to serve as <br />President, Vice President, Secretary and Treasurer. Refer to the draft minutes from 2007 <br />LDC RHRA Acrion (011508) — Page 1 of 2 <br />
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