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REQUEST FOR HRA ACTION <br />Staff Approval: <br />��" <br />Date: 04-15-08 <br />Item No: 8c <br />Agenda Section: <br />Action <br />Item Description: Adopt New Roseville Home Improvement Loan Program HF0065 <br />1.0 <br />2.0 <br />2.1 <br />Requested Action <br />To combine the Revolving Loan Program and Family Home Ownership Rehab Loan in <br />order to establish a new loan program that will utilize the budgeted funds for owner <br />occupied home improvements. <br />Background <br />The HRA currently has a Revolving Loan Program (RLP) which provides 4 percent <br />interest loans at a maximum of $20,000 to Roseville residents for interior and exterior <br />home improvements. Administration of the loan fund is provided by the Housing <br />Resource Center. This program has been very successful in supplementing resident's <br />minor renovation proj ects. There are no income restriction tied to the program. <br />Currently this loan fund balance is $31,712.83. No additional funds were directly <br />budgeted to be added to our 2008 programming. However the 2008 HRA budget <br />reserved $133,000 for future loan funds. At the time the budget was created it was <br />uncertain what would happen to the existing loan programs. This loan program has <br />helped to finance over $2,071,230.74 in total reinvestment in our community. <br />Revolving Loan Program <br />Loan Pool: <br />Total number of applications received: <br />Applications in process: <br />Number of loans closed to date: <br />Total dollar amount of projects: <br />Total dollar amount of funds used for loans <br />closed: <br />Program Income through January 2008 <br />Total dollar amount of funds remaining <br />in pool: <br />$490,000.00 <br />166 <br />2 <br />133 <br />$2,071,230.74 <br />1,312,290.33 <br />$854,003.16 <br />712.83 <br />2.2 In 2005 the HRA added the Family Home Ownership Rehab Loan which provided 4% <br />interest loan at a maximum of $35,000 to Roseville residents that are at or below 120% of <br />the median household income with at least one of the members of the household needing <br />to be under the age of 16. The loan also was targeted to assessed property values that are <br />below Ramsey County Median home value of $251,856 for 2007. The current loan <br />balance is $104,962.71 including program income. In talking with HRC staff, they say <br />Roseville Home Improvement Loan Program (04-15-08) - Page 1 of 4 <br />