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REQUEST FOR HRA ACTION <br />Staff Approval: <br />� <br />Date: 11-17-09 <br />Item No: 10 b. <br />Agenda Section <br />Action Items <br />Item Description: Roseville Multi-Family Loan Pro�ram (HF0073) <br />1.0 Requested Action <br />Staff is requesting discussion on the Roseville Multi-Family Loan Program that was <br />implemented at the end of 2008. <br />2.0 Background <br />The RHIZA undertook a Comprehensive Multi-Family Housing Study that was <br />completed at the end of August 2009. In October the RHRA accepted the final report and <br />has forwarded to the City Council for acknowledgement <br />The Comprehensive Multi-Family Housing Study provided information regarding our <br />market rate rental housing is really our affordable rental housing option in Roseville <br />because of the age and lack of amenities that these properties have. Based upon this <br />finding Staff is recommending the RHRA review the requirement of income restrictions <br />of the loan program. The program was created to assist Roseville Rental Properties in <br />making improvements to their builds that will benefit the community and resident. There <br />has been interest in the loan program but no formal loan requests. Many property owners <br />are managed by the property owner and this income restriction requirement can be <br />challenging for a small property owner to provide and monitor. <br />3. 0 RFIRA Recommended Action <br />To modify the Roseville Multi-Family Loan Program to not have a tenant income <br />restriction. <br />Prepared by: Jeanne Kelsey (651-792-7086) Attachment RHRA Mulri-Family Loan Program <br />RHRA Multi-Family Loan Program (11-17-09) -Page 1 of 1 <br />