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<br />Ms. Olson will do a mailing to the Realtors once a home is ready for purchase. <br /> <br />Motion : Member Elkins moved, seconded by Member Kelsey, to approve the gap funds not to <br />exceed $65,000 for the purchase, renovation and resale of 1000 Woodhill Drive in Roseville <br />under the Roseville Senior H ousing Regeneration Program. <br />Ayes: 4 <br />Nays: 0 <br />Motion carried. <br /> <br />b. Consideration of Senior Housing Regeneration Program Purchase for 279 <br />Elmer Street in Roseville (HF0049) <br /> <br />Executive Director Bennett brought forward an additional request for gap funding for the <br />purchase, renovation and resale of 279 Elmer in Roseville. <br /> <br />Ms. Olson provided a summary of the project with a second mortgage of $60,000 and a <br />permanent loss of between $5,875-$9,725 depending upon the Realtor costs. <br /> <br />Member Kelsey noted that this could be a very small loss and would like to see the actual reports <br />for all of these projects once they are complete. <br /> <br />Ms. Olson noted that some of the projects come in much less if they are able to use other public <br />sources of renovation funding but they need to proj ect the costs not those programs just in case. <br /> <br />Member Kelsey felt that they should not have to review projects that can be done only with <br />second mortgage. But only review ones that have a permanent loss over a certain threshold. <br /> <br />Member Elkins wondered what the threshold should be. <br /> <br />Chair Majerus asked GMHC what the averag e permanent loss is on projects in other <br />communities? ($10,000 - $15,000). <br /> <br />Member Elkins feels that $15,000 as an average would be a good number. <br /> <br />Member Kelsey wants to make sure that the project summaries are provided in the quarterly <br />reports. <br /> <br />Chair Majerus talked about the mission of the pr ogram and the overall goal of putting people and <br />families in homes that they may not otherwise be able to afford. This is achieved with the <br />program. <br /> <br />Member Elkins asked who prepares the summary of the renovation costs? (GMHC construction <br />manager staff goes through the home and puts together a scope of work.) <br /> <br />Member Kelsey asked if the sale price is based upon an appraisal after the fact? (yes) <br /> <br />Motion : Member Kelsey moved, seconded by Member Elkins, to approve the gap funds not to <br />exceed $70,000 for the purchase, renovation and resale of 279 West Elmer Drive in Roseville <br />under the Roseville Senior H ousing Regeneration Program