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on HRA activities. The next quarterly report will be presented to the HRA in July for April-June <br />time period. <br /> <br />Chair noted that the HRA is a separate legal en tity which is why they contract for City and <br />outside professional services. <br /> <br />Motion: Member Scheunemann moved, seconded by Member Elkins, to approve the consent <br />agenda as presented. <br /> <br />Ayes: 4 <br />Nays: 0 <br />Motion carried. <br /> <br />7. Public Hearing <br /> <br />None <br /> <br />8. Action Items: <br /> <br />a. Consideration of Senior Housing Rege neration Program Purchase (HF0048) <br /> <br />Executive Director Bennett provided a brief summary of the program and request for gap funding <br />for the purchase, renovation and resale of 1000 Woodhill Drive in Roseville. <br /> <br />Kelsey noted and asked about the loss factor on properties and did not feel that it was portrayed to <br />the Council in their discussion with them. She thought that these programs only provided second <br />mortgages. <br /> <br />Carolyn Olson with Greater Metropolitan Housing Corporation (GMHC) noted that most will <br />have small loss and some will have a small profit so that it usually evens out in the end. Most <br />losses are recaptured in a second mortgage since a small interest factor is captured as well. <br /> <br />Member Elkins noted that she understands that th is is the way it works to make these affordable <br />housing projects a reality and she sees this in her business. <br /> <br />Chari Majerus noted that the HRA needs to cons ider what it the best return on the city’s <br />investment and that each project should be evaluated in that way. <br /> <br />Ms. Olson noted that for the Senior Housing Regeneration Program (SHRP) the gap range is <br />between 40,000 – 60,000 in second mortgages. So a program that includes a $35,000 second <br />mortgage would come back to HRA when the home is sold plus a small interest factor. <br /> <br />Member Elkins asked why the homes are listed on the Multiple Listing Service (MLS)? Ms. <br />Bennett noted that this was based upon the HRA’s cr iteria for the program to get the local Realtor <br />community involved but that it does add to the project costs. <br /> <br />Ms. Olson noted the difference in cost due to the local Realtor requirement and that they are not <br />allowed to just market to the local Realto r community but it must be put on MLS. <br /> <br />Member Kelsey asked if this has worked and if the Realtors have brought forward any buyers and <br />homes? (None to date).