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Housing Redesign Program amendment (03-21-06) - Page 2 of 3 3.3 The eligibility criteria currently is as follows: Required to be eligible: 1. Home must have an existing Ramsey County assessed value at or below $233,280 for 2006 – Required 2. Home must be 25 years or older (built in 1979 or before). - Required Plus - One of the follow must be met: 3. Homeowner(s) total household income must be at or below 120% of the current median income in the Twin Cities Metropolitan area (Income chart is modified annually based upon HUD guidelines). 4. Total household size must include three or more people of which one must be under the age of 16. 5. The improvements will create at least a 40% increase in the property value of the home within two years. The calculati on of the anticipated increase will be based upon a specific formula tied to the improvement costs. Based upon Ramsey County assessment records similar approved projects show that the increase in the assessed value of the homes was between 40% - 100% not including an 8% typical appreciation factor. 3.4 The St. Paul Realtors Association data on median sales in Roseville between 2003-2005 is as follows (see attached map) Year Median Value Sales % increase 2003 $207,950 2004 $226,000 9% 2005 $234,940 3.9% 3.5 In the review of Ramsey County Assessor Valuation: a. There were 3,861 units at or below the Redesign Program limit of $216,000 in 2005 b. There were 3,943 units at or below the Redesign Program limit of $233,280 in 2006 c. In 2006, there were 2,660 units at or be low $216,000 valuation which is 1,201 units from 2005 that had a valuation increase at or below 8%. d. Therefore, 31% of the total properties e ligible for the program had a valuation increase of 8% or less.