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Plus - One of the follow must be met: <br />3. <br />Homeowner(s) total household income must be at or below 120% of the <br />(Income chart is <br />current median income in the Twin Cities Metropolitan area <br />modified annually based upon HUD guidelines). <br />4.one must be <br />Total household size must include three or more people of which <br />under the age of 16. <br />5.The improvements will create at least a 40% increase in the property value of <br />the home within two years. The calculation of the anticipated increase will be <br />Based upon <br />based upon a specific formula tied to the improvement costs. <br />Ramsey County assessment records similar approved projects show that <br />the increase in the assessed value of the homes was between 40% - 100% <br />not including an 8% typical appreciation factor. <br />3.2Based upon an average annual increase in value of Roseville homes of 8% over the past 5 <br /> staff recommends modifying the required program eligibility criteria #1 by and <br />years, <br />increase of 8% annually. As this is a required criteria, an annual modification will <br />account for normal and customary inflationary increases in value without additional <br />improvements. <br />Based upon an 8% increase, the assessed value limitation for 2005 would be $216,000. <br />3.3 <br />By changing this value maximum, approximately 1,300 additional homes would become <br />eligible under the program. <br />4.0SUGGESTED HRA ACTION <br />4.1Discuss and modify as needed. <br />By motion <br />4.2, adopt the Roseville Housing Redesign Program modification for eligibility <br />criteria #1 effective immediately. <br />Attachments: Roseville Housing Redesign Program summary <br />Prepared by: Cathy Bennett (651-792-7072) <br />Housing Redesign Program amendment (05-17-05) - Page 2 of 2 <br /> <br />