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)p.,E Request for Action <br /> River <br /> To Item Number <br /> Housing and Redevelopment Authority 7.2 <br /> Agenda Section Meeting Date Prepared by <br /> General Business September 8,2015 Amanda Othoudt,EDD <br /> Item Description Reviewed by <br /> HRA Blighted Properties&Forgivable Residential Cal Portner, City Administrator <br /> Loan program Reviewed by <br /> Action Requested <br /> Approve,by motion the HRA Blighted Properties Forgivable Residential Loan program policy and <br /> application. <br /> Background/Discussion <br /> After several discussions and workshop sessions, the HRA directed staff to develop a program to meet <br /> the untapped need for assistance with demolition and other redevelopment activities when either there is <br /> no current development plan or where future development visions are hindered by current blight. <br /> In some cases, despite a potential for future redevelopment, hazardous conditions or other public safety <br /> factors may become a community's immediate concern. Securing and maintaining vacant dilapidated <br /> structures is costly. Therefore, the Blighted Properties Demolition& Forgivable Housing Loan program <br /> includes funding for demolition activities when an imminent redevelopment opportunity does not <br /> currently exist. <br /> The city attorney, our financial advisor, and the finance department have had an opportunity to review <br /> and comment on both the residential policy and application. <br /> At the direction of the HRA at the August 3 meeting, the following changes were made to the overall <br /> policy and application: <br /> 1. APPLICATION FEE: <br /> a. The applicant must submit an application fee of$100 at the time of submittal. <br /> 2. FORGIVENESS: <br /> a. The HRA may forgive the principal of the loan and interest accrued but unpaid thereon,if <br /> any,up to 50 percent of the original loan amount, not to exceed the costs of demolition, <br /> upon completion of the project is eligible after five years of maintaining the property as <br /> an owner occupied dwelling. The applicant must submit a formal request for loan <br /> forgiveness to the HRA. <br /> 3. AWARDING LOANS: <br /> a. The extent to which the existing property conditions threaten public safety. Other <br /> public benefits,including but not limited to,health, safety, environmental benefits, <br /> 1-1 • E1E1 11 <br /> INALUPE <br />