Laserfiche WebLink
City of Roseville - Housing & Redevelopment Authority Meeting Minutes for September ...Page 3 of 4 <br />a) Household income of less than 120% of median income <br />b) Household size of three or more, with one under the age of 16 <br />c) Improvements to add 40% increase in property value within two years. <br /> <br />Cathy Bennett explained the application process and displayed the single family detached <br />residential characteristics map. <br /> <br />Cathy suggested re-evaluating the percent of design fees provided, after 2004, incrementally. <br />(Member Marks suggested the HRA could use exit interviews to determine the value of the <br />grant). <br /> <br />Motion: Member Marks moved, seconded by Member Millasovich, to adopt the Roseville <br />Housing Redesign Program for implementation beginning in 2004 with an initial budget of <br />$18,000. <br /> <br /> <br />Ayes: 7 <br />Nays: 0 <br />Motion carried. <br /> <br />Consideration of cancellation of December HRA meeting. <br />c) <br /> <br />Motion: Member Kelsey moved, seconded by Member Millasovich, to approve the <br />cancellation of the next regular HRA meeting of December 16, 2003. <br /> <br />Ayes: 7 <br />Nays: 0 <br />Motion carried. <br />  <br />Discussion/Reports and Non-Action Items <br />9. <br /> Presentation by Fannie Mae on Housing Programs <br />a). <br /> <br />Katie Linblad and Missy Thompson (Fannie Mae) presented an overview of Fannie Mae <br />programs in Minnesota. <br /> <br />Ms. Thompson explained that Fannie Mae was created in 1938, privatized in 1968, and provides <br />the largest financial services company in the world buying second mortgages, financing one in <br />five mortgages. Fifty percent of the business of Fannie Mae is below 100% of median income. <br /> <br />For 2003, the Minnesota Partnership goals include experimental underwriting such as “Smart <br />Commute” mortgage programs, employer assisted housing, smart growth initiatives, multi-family <br />investments, and connections to realtors, bankers, builders and community developers. <br /> <br />Ms. Linblad explained that Fannie Mae invests debt and equity in housing to support community <br />revitalization, expanding affordable housing and create a new business model. Fannie Mae <br />exceeded $500 million in community development loans in 2003. <br /> <br />A general discussion ensued. <br />. <br />Board Member Reports <br />10. <br />Member Kelsey reminded the Board to elect a new Treasurer. All seats will be reconsidered in <br />January. <br />  <br />Executive Director’s Report <br />11. <br /> <br />http://archive.ci.roseville.mn.us/council/hra/minutes/2003/hram031118.htm4/16/2010 <br /> <br />