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2005-07-19_Agenda
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2005-07-19_Agenda
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3/24/2010 3:46:32 PM
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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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There is value provided when each loan is issued. The value includes stabilization of the <br />housing stock, additional tax revenue, increased permit fees and increased neighborhood <br />pride. <br />The program would be well managed and require very little existing staff time to manage <br />since it is administered through the Housing Resource Center. <br />The payback of the loans would provide program income to revolve back into more loans <br />and eventually become self-sufficient as the owner occupied loan program is now. <br />City staff has a positive and tangible program to offer existing and new families especially as <br />families grow and new amenities are desired. <br />Similar to the Owner-Occupied Loan Program – the fund can be used for demolition of an <br />existing home where new construction is desired. <br />Suggested HRA Action <br />4.0 <br />4.1By motion, approve the establishment of a Roseville Family Home Ownership Loan <br />Program with initial funding of $250,000 loan pool and $25,000 administrative costs <br />from the existing 2005 unrestricted budget funds. The program would be administered <br />by the Housing Resource Center and implemented immediately. <br />Attachments: Family Home Ownership Loan Program Application & Guidelines. <br />Prepared by: Cathy Bennett (651-792-7072) <br />Roseville Family Home Ownership Loan Program (07-19-05) - Page 3 of 3 <br /> <br />
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