7.7 HRSR 02-01-2016 - Laserfiche WebLink

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of Request for Action River To Item Number Housing and Redevelopment Authority 7.7 Agenda Section Meeting Date Prepared by General Business February 1,2016 Amanda Othoudt,EDD Item Description Reviewed by HRA Blighted Properties Residential program Cal Portlier, City Administrator Reviewed by Action Requested Approve,by motion,the Blighted Properties Forgivable Residential Loan program and policy. Background/Discussion At the last HRA work session,members and staff discussed the changes to the policy to reflect the following: QUALIFYING PROJECTS: (3.) The structures arc not hated on the National Regiatcr of Historic Places; AWARDING LOANS: The HRA will award loans to projects that provide the highest return in public benefits for the public costs incurred and meet all of the statutory requirements. In order to evaluate the applications for public benefits with respect to the costs incurred, the law specifies priorities that the HRA must consider. Awards are based on the availability of funds. MODIFICATIONS TO THE POLICY: The HRA has the authority to review and amend or modify The Blighted Properties Demolition and Forgivable Residential Loan program policy and application as deemed appropriate. PREFERED SCORE: Precedence will placed on applications which meet a "preferred" score of 75 or more. To fulfill this requirement of reviewing applications in an objective and fair manner, the following criteria have been assigned maximum point values in order to systematically award loans. All assigned scores will be relative to scores awarded to other applications. Revision of the total points available. Once approved, the Blighted Properties Forgivable Residential Loan program will be the third program and policy offered by the HRA to help assist in the removal and/or redevelopment of blighted properties in the community. Financial Impact None INATURE IC