2005-08-16_Agenda - Laserfiche WebLink

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Suggested 2005 Restricted Fund Distribution & Admin Fees: 2.2 The financing subcommittee suggested providing $200,000 to the program out of the restricted fund 721. These funds would provide gap funding for the purchase of an estimated 3-4 homes. Based upon the condition of the home and required rehab costs, most of the gap funds would be recaptured in a second mortgage held by the HRA. (See attached example). In addition, administrative fees will be budgeted from the non-restriced fund 723 on a per home basis of $6,000. Staff has allocated one home purchase in 2005 and three in 2006. Eligibility Requirements: 2.3 Staff is suggesting that the homes be resold with the following eligibility requirements: First Time Homebuyer Households of two or more with one member age 16 years of age or younger. Income at or below 80% of median income Certified Homebuyer Training is required prior to closing Target public service employees (police, fire, teachers) and Roseville renters Staff Comments: 3.0 3.1If approved, the program will be marketed through the next upcoming “Housing Link” newsletter which will be inserted into the Roseville Newsletter and is delivered to all homeowners. Depending upon the partnership with Realtors, a flyer can be sent directly to them so that when they have a first time buyer looking for a home and/or a senior wanting to sell, they will be aware of this resource. Also, a direct mailer will be prepared and mailed to all Roseville renters. In addition, the following will be achieved. The program supports the HRA goal of attracting families with young children. The program supports the stabilization of Roseville School Districts. The program ensured home renovation to existing codes and modern design standards. The program would be well managed and require very little existing staff time to manage since it is administered by GMHC. Roseville seniors (such as those moving into Greenhouse Village) will be provided with a hassle-free resources for selling their home. The payback of the second mortgages upon resale will incur interest and can be put back into other programs. Suggested HRA Action 4.0 4.1By motion, approve the distribution of $200,000 to GMHC for the Senior Housing Regeneration Program for Roseville based upon the identified program criteria above, in partnership with local realtors and as modified by the HRA. Attachments: SHRP Brochure, Sample project costs. Prepared by: Cathy Bennett (651-792-7072) Roseville SHRP Program (08-16-05) - Page 2 of 2