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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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DRAFT <br />Underwriting Decision <br />: Loans will be approved or denied by the HousingResource Center (HRC) <br />based upon review of a credit report and according to the following criteria which has been <br />established by the Roseville Housing & Redevelopment Authority. <br />1. No outstanding judgements or collections. <br />2. Property tax payments must be current. <br />3. No defaulted government loans. <br />4. Mortgage (or contract for deed) payments must be current. <br />5. Generally, no more than two 90-day lates on credit report. Any 90-day late requires a documented <br />explanation and acceptable reasons; medical, unemployment, divorce. <br />Underwriting Process <br />: HRC will have the final determination on applicant’s eligibility. <br />Eligible Improvements <br />: Interior and exterior repairs and improvements are all eligible. Decks, <br />porches, retaining walls, skylights, garages, landscaping, and fences can be repaired, replaced or <br />built as new construction. Contractors contracting for the work must be properly licensed by the City <br />of Roseville. Permits must be obtained when required by ordinance. <br />Ineligible Improvements <br />: This includes recreational or luxury improvements, working capital, <br />payment for owner’s labor, debt service or refinancing existing debts and other work items <br />determined by HRC to be ineligible. <br />Work by Owner <br />: Work can be performed on a “sweat equity” basis.Loan funds are for materials <br />only, not for labor or tools. HRC will determine if the owner has the ability to properly complete the <br />work within the program time requirement. Material must be purchased and installed prior to the <br />disbursement of the loan proceeds. Under unusual circumstances, a partial advance will be provided <br />to the borrower. In either situation, a two-party check will be issued payable to both the borrower and <br />the materials provider. When applicable, a Roseville Building Department permit must be obtained by <br />the borrower. <br />OTHER GENERAL CONDITIONS AND PROCEDURES: <br />Rehabilitation Counseling <br />1.: HRC consultants will be available to borrowers to advise them <br />about proposed projects prior to obtaining bids and will be available to review bids for <br />must <br />reasonableness. Two Bids be obtained for all projects for which at least $5,000 of funds <br />will be spent. <br />Loan Costs <br />2.: Mortgage filing fees, other closing costs, if any, and mortgage satisfaction <br />preparation fees will be paid by the borrowers. Borrowers, if necessary, will be assessed a 5% <br />fee for submitting a late payment and/or a fee if a payment is returned to the servicer for <br />insufficient funds. <br />Initial Applications for Funding: <br />3. Applications will be accepted by HRC on an on going basis <br />and processed on a first-come, first-served basis, as funds are available until all program funds <br />are committed. <br /> Page 2 of 3 <br /> <br />
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