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2010-11-16_packet
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2010-11-16_packet
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2/22/2011 10:47:24 AM
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Commission/Committee
Commission/Authority Name
Housing Redevelopment Authority
Commission/Committee - Document Type
Agenda/Packet
Commission/Committee - Meeting Date
11/16/2010
Commission/Committee - Meeting Type
Regular
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G. The proposed project, including the use of HIA financing, should be supported <br />by a petition of at least 51% of the owners within the Association requesting the <br />creation of the HIA. The Association should include the results of any <br />membership votes along with the petitions to create the area. <br />H. The Association must have adopted a financial plan, prepared by an <br />independent third party mutually acceptable to the Association, the City Finance <br />Director and HRA staff, that provides for the Association to finance maintenance <br />and operation of the common elements within the Association and a long-range <br />plan to conduct and finance capital improvements therein, which does not rely <br />upon the subsequent use of the HIA tool. <br />I.HIA financial assistance is considered ‘last resort financing’and should not be <br />provided to projects that have the financial feasibility to proceed without the <br />benefit of HIA financing. Evidence that the Association has sought other <br />financing for the project will be required and should include an explanation and <br />verification that an assessment by the Association is not feasible along with at <br />least two letters from private lenders or other evidence indicating a lack of <br />financing options. <br />J. The Association will be required to enter into a development agreement and <br />disbursement agreement, which may include, but is not limited to, the following <br />terms: <br />Establishment of a reserve fund <br />Conditions of disbursement <br />Required dues increases <br />Notification to new owners of levied fees <br />Staffing requirements for the Association related to third party <br />involvement annual reporting requirements <br />K. The improvements financed through the HIA should primarily be exterior <br />improvements and internal improvements integral to the operation of the project, <br />e.g. boilers. The improvements must be of a permanent nature. The Association <br />must have a third party conduct a facility needs assessment to determine and <br />prioritize the scope of improvements. <br />L. HIA financing will not be provided to those projects that fail to meet the goals <br />and criteria set forth in this policy, as amended from time to time. <br />M. The financial structure of the project must receive a favorable review by the <br />City's Financial Advisor and Bond Counsel. The review will include a review of <br />performance and level of outstanding debt of previous HIAs. <br />N. The average market value of units in the Association should not exceed the <br />maximum home purchase price for existing homes under the State’s first time <br />homebuyer program. (In 2009, the metro amount is $298,125) <br /> <br />
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