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Motion: <br /> Member Scheunemann moved, seconded by Member Maschka, to accept the 2005 <br />nd <br />2 quarter reports, in accordance with the recommendation of the Executive Director. <br />Ayes: 5 <br />Nays: 0 <br />Motion carried. <br />Member Millasovich entered the meeting. <br />7.Action Items: <br />Approval of New Roseville Family Ownership Loan Program (HF0032) <br />a. <br />Executive Director Bennett advised that the HRA’s current Owner Occupied Revolving <br />Loan Program has been very successful in assisting Roseville residents for interior and <br />exterior home improvements, with an initial investment of $490,000, with a current fund <br />balance of $183,747.62. She recommended keeping it in place. <br />The HRA finance subcommittee has recommended that a new program should be created <br />to target home improvements (up to $25,000) by young families with children with <br />homes of $216,000 or less. This 4% loan program would supplement existing loan <br />programs available from MHFA, Ramsey County, private lenders and other similar <br />sources. The Executive Director reviewed the eligibility criteria for income, household <br />size, interest rate and maximum loan amount. <br />The HRC will administer the loan pool for a fee of 10% of the total loan pool. <br />Member Bean asked for amounts of dollars for 120% of the median income <br />(approximately $85,000). She asked for clarification on two bids requirement for <br />someone who is doing their own work (bids on materials only). <br />approve the re- <br />Motion: <br /> Member Bean moved, seconded by Member Maschka, to <br />establishment of a Roseville Family Home Ownership Loan Program with initial funding <br />of $250,000 loan pool and $25,000 administrative costs from the existing 2005 <br />unrestricted budget funds, to be administered by the Housing Resource Center <br />immediately. <br />Ayes: 6 <br />Nays: 0 <br />Motion carried. <br />Approval of Distribution of Funds to Senior Housing Regeneration Program for <br />b. <br />Roseville (HF0033) <br />he Senior Housing Regeneration Program <br />Executive Director Cathy Bennett explained that t <br />(SHRP) through the Greater Metropolitan Housing Corporation (GMHC) has been very <br />successful in Roseville to address the first time homebuyer needs as well as provide an <br />easy alternative for seniors selling their home. If a senior sells their home under this <br />program, they receive fair market value and they would be free of the hassles of making <br />needed updates, repairs or holding open houses. If the home is purchase by GMHC, they <br />2 <br /> <br />