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✓ The application for the creation of the HIA shall be from the Home Owner's <br />Association (HOA). <br />. ✓ The term of the HIA should be the shortest term possible while still making the <br />. annual fee affordable to the Association members. The term of any bonds will <br />. mature in 15 years or less. The mcrximum amount of time that the City has ever <br />. issued for any bond is I S years. If the HIA is financed through a loan of other <br />. funds, the terms of the loan will be determined based on the facts of <br />. circumstances of that HIA. <br />� ✓ As part of its application the Association will be required to provide financial <br />� guarantees to ensure the repayment of the HIA financing. <br />� ✓ The proposed project, including the use of HIA financing, will need to be <br />� supported by a petition of at least 51 % of the owners within the Association <br />� requesting the creation of the HIA. The law only requires that 25% of the <br />� owners sign the petition. However it is HRA's recommendation that a majority <br />� of the Association request in writing that the HIA be createc� <br />� ✓ The Association must have adopted a financial plan, prepared by an independent <br />� third party. <br />� <br />� ✓ HIA financial assistance will always be considered `last resort financing' for the <br />� project. <br />� <br />� ✓ The Association will be required to enter into a development agreement and <br />� disbursement agreement. <br />� <br />� ✓ The improvements financed through the HIA should primarily be exterior <br />f improvements and other improvements integral to the operation of the overall <br />f project, e.g. boilers. <br />✓ Similar to other housing loan programs the average market value of units in the <br />Association should not exceed the maximum home purchase price for existing <br />homes under the State's first time homebuyer program. (In 2009, the metro <br />amount is $298,125). <br />f ✓ Options for financing the HIA can be City-issued bonds, existing City fund <br />f balances or Roseville Housing and Redevelopment Authority fund balances. <br />; ✓ The Association will pay the City an assessment fee of at least 2% of the total <br />: amount of project to cover administrative costs. <br />✓ The division of the costs for the proposed improvements (i.e., how the fee is <br />spread to unit owners) shall follow the method utilized in the Association's <br />bylaws and declarations. However if the Associations bylaws and declarations <br />call for the fee to be imposed on a basis other than tax capacity or square footage, <br />Page 2 of 3 <br />