2004-07-20_Agenda - Laserfiche WebLink

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Can Federal Funds be Used: No Housing Replacement – An example of this program is the 2012 Eldridge project that the HRA is involved in currently. This is a particular case where the HRA is being proactive in the use of eminent domain for its acquisition and replacement. That is not always the situation. The HRA could market the program more proactively on a volunteer basis to target properties that have been in disrepair and where the owners are willing to sell to the HRA. In the past, the City had targeted three properties for purchase a year under a volunteer housing replacement program. Staff is suggesting that the HRA set aside enough funds to purchase one home per year for this program and be There is opportunity to apply the federal funds through more proactive. (CDBG/LDC) to this program if the new home is sold to people with incomes at or below 80% of median income. 2004 Budget to Date: $2,300.80 Estimated Final Program Expenditure: $161,000 2005 Suggested Budget Amount: $171,000 Can Federal Funds be Used: Yes Multi Family Rehab – Roseville multifamily complexes are aging at a rapid pace and there are strong signs of deferred maintenance. Assisting in the renovation and or/ purchase and rehab of even one small complex in Roseville would be costly. There is not sufficient budget, currently to tackle the multifamily issues. Staff is currently reviewing the establishment of housing improvement areas for two separate owner occupied complexes. This type of program would take upfront funds to finance with payback over a period of years. Currently, there are very limited funds to apply to this type of a program. In 2004 the HRA requested the full levy ($495,000) to help build adequate funds to finance multi family renovation. The Council reduced the request to $200,000 limit. The HRA decided to reduce the budget for this program due to the reduced levy amount. With the finalization of the Multi Family Study in August, the HRA and Council should have the data to show the declining values and maintenance of the multifamily sector of the community. This may provide the needed data to support an increase the levy amount in future years. $0 2004 Budget to Date: Estimated Final Program Expenditure: $5,000 2005 Suggested Budget Amount: $241,500 Can Federal Funds be Used: Yes Ownership Rehab – Currently the ownership rehab program provides rehab funds for the ownership loan program, the services of the HRC, renovation plan books, marketing and housing redesign grants. The HRC fee for providing financial and technical assistance to residents may be increased slightly due to inflation. The ownership rehab program will become more popular as interest rates begin to rise. In addition, there is a need to increase the $10,000 maximum loan amount as home renovation costs continue to rise. There should be more funds available to address these issues. This year the loan HRA Budget Discussion - Page 2 of 7