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6 <br /> ' City Council Regular Meeting Minutes <br /> September 24, 2002 <br /> Page 5 <br /> 1 Mayor Hodson indicated that this should be on someone's radar screen right now with potential <br /> 2 upcoming funding from congress. <br /> 3 <br /> 4 Ms. Vap indicated the other person leading the project is in transit and community works and she <br /> 5 said she would relay the message. <br /> 6 <br /> 7 Mayor Hodson indicated he would be happy to commit to sitting down with someone to discuss <br /> 8 that. <br /> 9 <br /> 10 B. Discussion on Greater Metropolitan Housing <br /> 11 <br /> 12 Jennifer Bergman of the Greater Metropolitan Housing Agency indicated that they began <br /> 13 providing services to residents on July 1, 2002 and had already served 27 clients with 20 of those <br /> 14 being construction consultations. She then indicated they had been in contact with Staff <br /> 15 concerning the creation of a revolving loan program with approximately$100,000 available for <br /> 16 the loan program. <br /> 17 <br /> 18 Ms. Bergman indicated they are proposing a 4% interest loan with a maximum loan amount of <br /> 19 $10,000 and a max term of 7 years. She then provided an overview of the program they <br /> 20 administer in Roseville. <br /> 21 <br /> 22 Ms. Bergman commented that since the beginning of the Roseville program they have done 60 <br /> 23 loans for over$480,000 worth of total rehabilitation. <br /> 24 <br /> 25 Ms. Bergman indicated that there is a rehab incentive program through the Minnesota Housing <br /> 26 Finance Agency and noted the City's application would be decided upon on Thursday. She then <br /> 27 said that, if the application is approved,the City would have available $50,000, $45,000 of which <br /> 28 could be used for loans and$5,000 would be set aside for emergencies. <br /> 29 <br /> 30 Ms. Bergman commented that homeowners usually invest more than the loan amount in their <br /> 31 homes. <br /> 32. <br /> 33 Ms. Bergman indicated the Minnesota Housing Finance Agency loans funds at 6.5%with a <br /> 34 maximum income of$77,000 and the maximum income on the rebate is $88,205 so this is a very <br /> 35 generous program. <br /> 36 <br /> 37 Mayor Hodson commented that this is a very exciting program to assist the City with <br /> 38 redevelopment of its aging housing stock. <br /> 39 <br /> 40 Councilmember Faust questioned if there were already 20 contractor consultations. <br /> 41 <br /> 42 Ms. Bergman indicated the construction manager has visited with 20 homeowners since July 1, <br /> 43 2002. <br /> 44 <br /> 45 Ms. Bergman indicated that there were a few calls in June,more in July and an increase in <br /> 46 August. She then noted there would be a slower time during the winter as construction slows. <br /> 47 <br />