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REQUEST FOR HRA DISCUSSION <br />Date: 03-16-04 <br />Item No: 8.b. <br />Staff Approval: Agenda Section: <br /> CB Discussion <br />Item Description: Roseville Owner Occupied Loan Program Summary <br />Background <br />1.0 <br />1.1The Roseville Owner Occupied Revolving Loan Program provides 4 percent interest <br />loans at a maximum of $10,000 to Roseville residents for interior and exterior home <br />improvements. Administration of the loan fund is provided by the Housing Resource <br />Center at a minimal cost. <br />1.2The Revolving Loan Program has been very instrumental in helping homeowners finance <br />their home improvement projects. As the following report indicates the City has invested <br />$490,000 which financed a total of 76 loans in the amount of $641,435 since April 2000. <br />The loan funds of have helped to finance over $1.1 million in improvements. There <br />currently is over $235,000 available to finance new loans in 2004. <br />Revolving Loan – 02.29.04 <br />Loan Pool: $490,000.00 <br />Total number of applications received: 86 <br />Applications in process: 2 <br />Number of loans closed to date: 76 <br />Total dollar amount of projects: $ 1,131,113.47 <br />Total dollar amount of funds used for loans closed: $ 641,434.66 <br />Program Income through January 04 $387,046.92 <br />Total dollar amount of funds remaining in pool: $235,612.26 <br />Program Summary: <br />2.0 <br />Program Overview <br />2.1: The loan program is designed to supplement existing loan programs <br />available from MHFA, Ramsey County, private lenders and other similar sources. <br />Eligible work shall include repairs, replacement or new construction that will: <br />Improve the exterior and/or interior of the property. <br />Correct local or state code deficiencies, health and safety items. <br />Improve handicap accessibility. <br />Reduce long-term maintenance and energy costs. <br />2.2The type of improvements that are being made using Roseville’s loan program include <br />the following: <br />Roseville Owner Occupied Loan Program Discussion (03-16-04) - Page 1 of 2 <br />