2010-11-16_packet - Laserfiche WebLink

Home

HRA Meeting Minutes – Tuesday, October 19, 2010 Page 3 Discussion included impacts of current trends specifically related to job loss; status of homes and lack of easy-to-access data on those homes having gone through redemption and proceeding to banks; the City’s first option to purchase those homes in partnership with the Community Land Trust for owner-occupied housing within a certain timeframe; no homes listed to-date in FHA data for Roseville within the metropolitan area; and conversion to land trust properties, where owners can stay in their home, but no longer own the land, similar to offerings by other financial institution programs. Further discussion included the interest of HRA members in tracking redemptions versus short-sales; whether that information was readily available electronically through title searches and/or through the Registrar’s office, while recognizing how time consuming such a search would be and the limited staff resources available. Ms. Kelsey advised that, as time allowed, she had been polling addresses through the Multiple Listing Services (MLS) to determine short sales; and also had the City’s Inspection staff monitor homes appearing to be abandoned and following up with lenders. Chair Maschka noted that the information on trends and tracking redemption percentages would be interesting to track; however, opined that he wasn’t sure if it was worth the administrative time to track it. Member Elkins noted that predictions in the financial market are that there would be a significant number of additional foreclosures in the near future. Member Pust requested, with concurrence by fellow members, three-year comparison map information made available to the HRA, as previously provided to the City Council. Ms. Kelsey asked that members give serious consideration for future discussion at the November meeting of their interest in ownership/operation of land trust homes on a permanent basis, particularly in light of upcoming discussions at that meeting of the HRA Work Plan; in anticipation of knowing the outcome of the final 2011 budget and levy at the January 2011 meeting following City Council action in December of 2010. c.Training Seminar Report Member Elkins and Housing Coordinator Kelsey briefly reported on their recent attendance at a housing program and information on short-sale and rescue programs; and the need for the public to be aware of scams, particularly when they found themselves in desperate situations. Member Elkins encouraged citizens to contact established agencies to ensure that assistance programs were sanctioned and monitored by the Federal Housing Agency (FHA), even if they were not at the point of foreclosure, but getting behind in their payments. Member Elkins noted that information was available on the Housing and Urban Development (HUD) website; assistance was available through the Home Ownership Center; or by calling the RV HRA staff at City Hall for additional information or seeking links on the City’s and/or HRA’s websites. Discussion included the possible upside down financing being realized by some upper-end bracket homeowners, and possibly more prevalent than those mid-priced homeowners; whether there was comparison information from other communities on any proactive responses to the situation; Roseville’s ineligibility for nsp funds; and information to be included in the November HRA newsletter indicating that the community’s property values were remaining sustainable. Member Elkins observed that even one foreclosure could affect property values for an entire neighborhood.