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Bathroom, kitchen and basement remodeling; <br />Doors, windows and siding replacement; <br />Roofs, gutters, chimney and driveway replacement; and flooring, electric, <br />furnace, painting projects. <br />2.2The typical incomes of residents being served through this program is between $30,000 <br />and over $100,000 with the majority of the loans (56%) being provided to middle income <br />residents making between $50,000 - $90,000. The loan program was specifically <br />designed to meet the middle income families. The State and County programs typically <br />serve incomes that are below 80% of median income or below, which is typically less <br />than $50,000. <br />Number of Loans Income Range % of Total <br />8 Below $30,000 10% <br />19 $30,001 - $50,000 26% <br />23 $50,001 - $70,000 32% <br />18 $70,001 - $90,000 25% <br />5 Over $100,000 7% <br />73 100% <br />Staff Comments: <br />3.0 <br />3.1Staff has been pleased with the program and feels that is should continue with its current <br />guidelines for the following reasons: <br />The program is well received by the community and is encouraging home improvement. <br />There is value provided when each loan is issued. The value includes stabilization of the <br />housing stock, additional tax revenue, increased permit fees and increased neighborhood <br />pride. <br />The program is well managed and requires very little existing staff time to manage since it is <br />administered through the Housing Resource Center. <br />The payback of the loans provides program income to revolve back into more loans and is <br />becoming self-sufficient. <br />City staff has a positive and tangible program to offer residents especially when we are <br />requesting that code violations be resolved. <br />Suggested HRA Discussion <br />4.0 <br />4.1Provide staff with comments regarding the program and suggest program modifications <br />for 2004. <br />Attachments: Owner Occupied Loan Program Application Materials. <br />Prepared by: Cathy Bennett (651-490-2241) <br />\\Victoria\CommDev\Housing\Housing Files (HF)\HF0019_owner occupied loan program 04\030904_owner occupied loan program update.doc <br />Roseville Owner Occupied Loan Program Discussion (03-16-04) - Page 2 of 2 <br />