2005-07-19_Agenda - Laserfiche WebLink

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DRAFT Date: Roseville Family Home Ownership Rehab Loan Program 2005 Program Description: To provide 4% low interest home improvement loans to eligible Roseville residents that achieve the HRA goals for attracting and retaining families with incomes at or below 120% of the current area median income. The maximum loan amount is $25,000 per household. The maximum loan term shall be 10 years. Eligible Properties: Includes all single-family and duplex owner-occupied properties that are located in the City of Roseville where the owners have a household of three or more (one member 16 years of age or younger) and the property assessed value is at or below $216,000 in 2005. Income Eligibility: The household income must be at or below 120% of the current median household income as defined by HUD. (see attached chart). Eligible Improvements: Interior and exterior improvements are eligible including repair, replacement or new construction of decks, porches, retaining walls, skylights, garages, landscaping and fences. Contractors must be licensed in the City of Roseville and permits must be obtained for all work when required by city ordinance. Ineligible Improvements : Include but are not limited to recreation or luxury projects such as pools, playground equipment, saunas or whirlpools. Funds for working capital, debt service or refinancing existing debts are also considered ineligible. APPLICATION Name: Address: Home Phone #: Work Phone #: Type of property: Single Family Duplex Describe all the proposed work to be done (please attach a separate sheet if necessary) Note that work must conform to eligible improvements described above. YesNo Sweat equity* Do you intend to do any of the work yourself? * See program guidelines for eligibility requirements. All sweat equity applicants must be approved by GMMHC. Estimated cost for improvements: $