07-06-2015 HRA MIN - Laserfiche WebLink

Home Browse Search

Housing and Redevelopment Minutes July 6, 2015 Page 2 Colleen Eddy presented an update on the Rehabilitation Loan Program. Ms. Eddy reported that there are 9 projects listed; 5 under construction, 3 applications in progress, and 1 in process. She noted that the CMHP monthly report have been revised to include the addresses of the properties. The HRA adjourned to a workshop in Upper Town at this time (5:55 p.m.) 7.2 HRA Budget and Goals Ms. Othoudt presented the staff report. Commissioner Chuba asked if there were any plans for a first time homebuyer program. Ms. Othoudt stated she would need to research funding sources for that type of program. Commissioner Toth asked what the total of the 2016 HRA budget was. Tim Simon, Finance Director, stated that proposed budget total is $304,050. Mr. Simon explained the three options the three HRA levy: 1) previous rate (01440 %); 2) balanced rate of .01512 0/6); or maximum rate (.01850 0/6). The HRA discussed Option 1 and Option 2. Chair Wilson stated that Option 2 would almost completely cover the HRA's proposed budget. He also asked what the increase is project to be in valuations at the County. Mr. Simon stated they expect an overall 5% increase. Mr. Simon stated that based on projected valuations, the tax impact of Option 2 on a $200,000 house amounted to approximately $1.44 a year. He noted that if the HRA proposes to put in $100,000 over 3 years for a forgivable loan fund, which would draw on their cash reserves if they did not increase the levy. Discussion followed regarding the proposed blighted properties forgivable loans. Ms. Othoudt suggested a fund of $200,000 for residential properties and $200,000 for commercial /industrial properties over a 3 -year period, similar to the CMHP program. Mr. Simon stated that after the HRA establishes a blighted properties loan policy, the budget could be amended. Ms. Othoudt stated that the HRA will be looking at the blighted properties draft policies in August. Chair Wilson asked what the amount of the SCDP grant request was and what contingencies go with it. Ms. Othoudt stated that the city's contribution was $50,000. She will research the details on this item. 8. Adjournment There being no further business, Chair Wilson adjourned the meeting. The meeting adjourned at 6:17 p.m.