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REQUEST FOR CITY COUNCIL ACTION DATE: 7/23/O1 ITEM NO:F-3 Department Approval: Manager Approval: Agenda Section: ( '` ° r �lQi�,Q�. ��,.� Reports/Recommendations Item Description: Request for Budget Transfer to Provide Additional Residential Revolving Loan Funds for 2001 1.0 Requested Council Action City staff is requesting approval to transfer $100,000 of additional funds from the Housing Replacement Program and the Senior Housing Program to the Housing Rehab Program within the Housing Fund 574 to provide additional residential revolving loan funds for the second half of 2001. 2.0 Background 2.1 The 2001 Housing Fund Budget under the Housing Rehab Program included $125,000 for a residential revolving loan fund. This was a continuation of $100,000 that was issued in 2000 under the program. 2.2 The Roseville Revolving Loan provides 4 percent interest loans at a ma�mum of $10,000 to Roseville residents for interior and e�terior home improvements. Administration of the loan fund is provided by the Housing Resource Center. 3.0 Policy Implications/Fiscal Impacts: 3.1 The Housing Improvements Policy includes the following guiding principles: . Be consistent with the comprehensive plan by providing a variety of housing for all residents; . Encourage community self-reliance, collaboration with other housing providers and education to create and retain housing value; . Use expert "coaches" to start the programs; and . Remain sma11 and incremental, not creating large bureaucratic staff-driven programs. 3.2 The Revolving Loan Program has been very instrumental in helping homeowners finance their home improvement projects. As the attached report indicates, a total of 24 loans have been approved since April 2000. The loan funds of $200,754 have helped to finance $289,669 in improvements through 7une 2001. 3.3 Since the end of 7une another $3 1,000 in loans ha�e been approved with an additional RCA — Revolving Loan Request - Page 1 of 3