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Gap Approval Process: <br />3.0 <br />3.1As part of the program approval, a process to provide the gap funds for the homes <br />purchased under the program was not fully discussed. Three options to consider include <br />the following: <br />1.Accept report from the HRA Executive Director as part of the quarterly report that <br />outlines the number of homes purchased, location, amount of renovation and <br />purchase gap including second mortgages. <br />2.Approve the purchase and gap funds for each home in Roseville under consent. <br />3.Approve the purchase and gap funds for each home in Roseville under regular action <br />item. <br />3.2HRA and GMHC staff prefers the first method to allow purchase offers to be made <br />without waiting for specific approval at an HRA meeting. GMHC has the experience to <br />evaluate projects and make good judgments regarding the efficient use of the funds. <br />Suggested HRA Action <br />4.0 <br />By motion1, 2, or 3 <br />4.1, approve method as a process to provide gap funds to GMHC for the <br />purchase and renovation of Roseville homes as part of the Senior Housing Regeneration <br />Program. <br />2 or 3 <br />4.2If method is the preferred option by the HRA: <br />By motion <br />, approve the gap funds not to exceed $35,000 for the purchase, renovation and <br />960 Lovell <br />resale of in Roseville under the Roseville Senior Housing Regeneration Program <br />Attachments: Proforma, site map. <br />Prepared by: Cathy Bennett (651-792-7072) <br />Roseville SHRP Program (10-18-05) - Page 2 of 2 <br /> <br />