2004-08-17_Agenda - Laserfiche WebLink

Home

set aside enough funds to purchase one home per year for this program and be more There is opportunity to apply the federal funds through (CDBG/LDC) to proactive. this program if the new home is sold to people with incomes at or below 80% of median income. Estimated Final Program Expenditure 2004 $161,000 2005 Suggested Budget Amount: $170,000 Can Federal Funds be Used Yes Multi Family Rehab 3. – Roseville multi-family complexes (especially the smaller ones) 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. 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 September, the HRA and Council will have data to demonstrate the declining values and maintenance of the multi-family sector of the community. This may provide the needed data to support an increase the levy amount in future years. Estimated Final Program Expenditure 2004 $5,000 2005 Suggested Budget Amount: $241,500 Can Federal Funds be Used Yes Ownership Rehab 4. – 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 that provides 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. In 2004 the loan program is using program income (interest and loan payments) to support new loans. However, the program income is being spent down and the HRA will need to add new funds to support new loans in 2005. The loan program does not currently have an income limit so the use of federal funds to the loans is not an option. Estimated Final Program Expenditure 2004 $52,844 2005 Suggested Budget Amount: $165,000 Can Federal Funds be Used No HRA Budget Hearing & Levy Request - Page 3 of 9