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2005-07-19_Agenda
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2005-07-19_Agenda
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Commission/Committee
Commission/Authority Name
Housing Redevelopment Authority
Commission/Committee - Document Type
Agenda/Packet
Commission/Committee - Meeting Date
7/19/2005
Commission/Committee - Meeting Type
Regular
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Improve the exterior and/or interior of the property. <br />Correct local or state code deficiencies, health and safety items. <br />Improve handicap accessibility. <br />Reduce long-term maintenance and energy costs. <br />Eligible Properties <br />: All properties must be located within the City of Roseville. Owner- <br />occupied single and duplex properties are eligible. The property value for taxes for 2005 <br />$216,000 and the home must be 25 years or older. <br />must be at or below <br />Income Eligibility:120% of the <br /> The total household income must be at or below <br />current median household income <br /> as defined by HUD per family size. <br />Household Eligibility3 or more people with one <br />: The household size must include <br />person at or below the age of 16. <br />Loan AmountThe maximum loan amount is $25,000. <br />: The maximum principle <br />amount of a Roseville Revolving Loan, when combined with the outstanding balance(s) <br />of any existing Roseville Revolving Loan (s), must not exceed $25,000. <br />Interest Rate4 % interest <br />: The loans will be at . <br />Suggested 2005 Loan Fund & Admin Fees: <br />2.3 The financing subcommittee suggested an <br />initial loan pool of $250,000. These funds would be provided out of the existing 2005 <br />budget from the unrestricted funds (ownership rehab & first time buyer line items). The <br />program would be administered by the Housing Resource Center at 10% of the initial <br />loan pool or $25,000. The HRC staff will use normal and customary underwriting <br />techniques as well as provide technical assistance with project bids and construction <br />monitoring. The HRC staff will also assure that proper permits are applied for and final <br />inspection has been approved. <br />Loan Guidelines and Application: <br />2.4 Staff has prepared and the HRC is reviewing the <br />attached loan guidelines and application form. <br />Staff Comments: <br />3.0 <br />3.1If approved, this program can be marketed through the next upcoming “Housing Link” <br />newsletter which will be inserted into the Roseville Newsletter and is delivered to all <br />homeowners. In addition, a flyer can be sent directly to all Roseville area Realtors so <br />that when a new family is looking to move to the area, they will be aware of this resource <br />to make any necessary repairs and/or upgrades to Roseville homes. In addition, the <br />following will be achieved. <br />The program supports the HRA goal of attracting and retaining families with young children. <br />The program supports the stabilization of Roseville School Districts. <br />The program encourages home improvement. <br />Roseville Family Home Ownership Loan Program (07-19-05) - Page 2 of 3 <br /> <br />
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