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$45,000 in improvements. This makes the total loan funds issued equal to $23 1,000. <br />The HRC is able to fund all of these current loans using $6,000 of the $8,000 of program <br />income generated from the repayment of previous loans. No additional loans will be <br />approved until more funds become available. Currently there are 6 additional loan <br />requests pending. <br />3.4 The type of improvements that are being made include the following: <br />. Bathroom, kitchen and basement remodeling; <br />. Doors, windows and siding replacement; <br />� Roofs, gutters, chimney and driveway replacement; and <br />. Flooring electric, furnace, painting. <br />3.5 Transferring funds from the Housing Replacement Program and the Senior Housing <br />Program in 2001 will not ha�e an impact on the current budget as it is a redistribution <br />of funds. Staff does not anticipate that there will be another housing replacement <br />opportunity in 2001 and there currently is no senior housing project proposed that <br />would request city funds at this time. <br />4.0 Staff Recommendation <br />Staff is recommending that $100,000 in additional funds be provided to this program from e�sting <br />housing fund dollars allocated to the Housing Replacement Program and Senior Housing for the <br />following reasons: <br />. The program is well received by the community and is encouraging home improvement <br />. There is value provided when each loan is issued. The value includes stabilization of the <br />housing stock, additional tax revenue, increased permit fees and increased neighborhood <br />pride. <br />. The program is well managed and requires very little e�sting staff time to manage since it <br />is administered through the Housing Resource Center. <br />. The payback of the loans provide program income to revolve back into more loans with <br />the hopes that it will become self-sufficient in the future. This is one of the Housing <br />Program goals. <br />� City staff has a positive and tangible program to offer residents especially when we are <br />requesting that code violations be resolved. <br />The Finance Director has reviewed the request and is in support of the reallocation of funds as <br />proposed. <br />RCA — Revolving Loan Request - Page 2 of 3 <br />