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Housing Redesign Program amendment (03-21-06) - Page 3 of 3 <br />3.6 Building Value to Land Value Relationship: <br />a. There are 45 total single family propertie s in Roseville with a building assessed <br />value below $50,000 <br />b. The average percentage of building to total value is 17%. <br />c. The average building value is $34,262 <br />d. The average total value is $202,242 with 21% over the $233,280 minimum valuation <br />criteria <br />e. The average acreage of the properties is 1.12 with the majority (51%) of the <br />properties between ½ and 1 acre. <br /> <br />3.7 Based upon the review of existing value numbers and the relationship between low value <br />homes to total value, staff is suggesting that the HRA consider the following exception to the <br />minimum valuation criteria to enable reside nts who meet and exceed the goals of the <br />program to be considered for the design grant program. All of the following must be met. <br /> <br />a. The % of building to total value must be under the average of 17%. These are the <br />homes that are in the greaestt need of renovation. <br />b. The property size must be below 1 acre in size and is not able to be subdivided. <br />c. The total assessed valuation must not exceed the minimum valuation by over 25%. <br />Currently that amount would be $291,600 and is still a relatively affordable property <br />for a middle income family but the HRA is not funding properties with a really high <br />value. <br />d. The property must be owned by a family of two or mo re with one person under the <br />age of 16. This is one of the most important goals the HRA has set to attract and <br />retain families. <br /> <br />The following exception criteria will allow the HR A and its staff to objectively review and <br />fund projects where the total valuation exceed the limit set by the HRA but the building has <br />little to no value. <br /> <br />4.0 SUGGESTED HRA ACTION <br /> <br />4.1 Discuss and modify as needed. <br /> <br />4.2 By motion , adopt exception criteria, outlined in section 3.7 of this report and with any <br />HRA modifications, to the Roseville Redesign Program regarding the relationship <br />between low building value and total value where the total value exceeds the minimum <br />valuation criteria. <br /> <br /> <br /> <br /> <br /> <br />Prepared by: Cathy Bennett (651-792-7015) <br /> <br />