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2008-04-15_Agenda
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2008-04-15_Agenda
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Commission/Committee
Commission/Authority Name
Housing Redevelopment Authority
Commission/Committee - Document Type
Agenda/Packet
Commission/Committee - Meeting Date
4/15/2008
Commission/Committee - Meeting Type
Regular
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the program is not utilized as much because of the restrictions. About half of the people <br />are above the income level (and thus directed to RLP) and the others don't have a person <br />under 16 (and also directed to RLP). Given these facts, there seems to be sound reasons <br />to combine the programs. <br />Roseville Family Home Ownership <br />Rehabilitation Loan <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 closed <br />Program Income through January 2008 <br />Total dollar amount of funds remaining in <br />$250,000.00 <br />8 <br />6 <br />$183,388.24 <br />$155,477.52 <br />$10,440.23 <br />$104,962.71 <br />2.3 The recently completed RHRA strategic plan contemplated the combining of certain <br />programs as well as the elimination or retooling of programs and the creation of a new <br />program. The RHRA has indicated that it is interested in combining the Revolving Loan <br />program with the Family Affordable Loan program, along with providing a Green Design <br />Incentive to be incorporated into the loan program. <br />2.0 New Program Summary: <br />2.1 Based upon the previous HRA meetings and strategic planning discussions staff is <br />recommending combining the two loan programs. This would provide a focus to the <br />HRA strategic plan to have well managed funding sources to provide housing options for <br />residents within the City of Roseville in addition the HRA will develop sustainable <br />solutions to housing through green building initiatives. This goal helps to sustain our <br />existing housing stock and encourage reinvestment into neighborhoods. The following is <br />a summary of this new proposed Roseville Home Improvement Loan program. <br />2.2 Pro�ram Overview: The loan program is designed to supplement existing loan programs <br />available from 1V�IFA, Ramsey County, private lenders and other similar sources and is <br />targeted to household income limits of 120% of the current median household income as <br />defined by HUD. Eligible work shall include repairs, replacement or new construction <br />that will: <br />• Improve the exterior and/or interior of the property. <br />• Correct local or state code deficiencies, health and safety items. <br />• Improve handicap accessibility. <br />• Reduce long-term maintenance and energy costs. <br />Eli�ible Properties: All properties must be located within the City of Roseville. Owner- <br />occupied single and duplex properties are eligible. The home must be 25 years or <br />Roseville Home Improvement Loan Program (04-15-08) - Page 2 of 4 <br />
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