Housing Improvement Areas
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1 Housing Improvement Areas Mark Ruff Senior Financial Advisor/Principal 10/16/2013 1
2 Overview The Challenge Housing Improvement Areas Process Financing Best Practices 2
3 Housing Improvement Areas The Challenge 3
4 The Challenge Decline in quality of townhome/condo housing stock Lack of sufficient reserves to make necessary repairs Collection of fees inconsistent Associations inability to obtain private financing Tough to sell units Neighbors complain 4
5 Housing Improvement Areas Housing Improvement Areas (HIAs) 5
6 Housing Improvement Areas Authorized by Minnesota Statutes, Section 428A.11 through 428A.21 Based on similar statute for special service districts in the same chapter Can be used by statutory and charter cities Can designate City, HRA, EDA or port authority as the implementing entity to administer the HIA Authority is extended through June 30 th, 2028
7 Housing Improvement Areas A fee, like a special assessment, mechanism for city funding of privatelyowned improvements when other financing is not available Not a part of City s tax levy No benefit test The fee is collected with property taxes paid in May & October Levy at 105%
8 Housing Improvement Areas Owner-occupied only Rental units within town home or condo units are allowed/included Multi-family rental is excluded Could potentially apply to single-family neighborhoods where there is an association
9 Housing Improvement Areas Broad application allowed to solve for various rehabilitation needs City defines improvements eligible for funding Parking lots, garages, HVAC, windows, siding, roofs, etc Defined in enabling ordinance
10 Housing Improvement Areas HIA Process
11 Process Property owners must petition the city requesting a public hearing on the HIA Requires signature of 50% or more of housing owners Can take years to achieve consensus Association needs long-term CIP/financial plan
12 Process HIA is established by ordinance following a public hearing Must meet defined HIA hearing requirements Includes an objection process for individual unit owners Veto process - 45% or more of unit owners or 45% or more of the housing units tax capacity can void HIA Homeowner can appeal to district court 12
13 Housing Improvement Areas Financing
14 Financing Three Options Use existing City funds Bonds Taxable G.O. or revenue Combination G.O. bonds not subject to debt limit but subject to Chapter 475 Fee imposed for term of financing
15 Financing Fees imposed on unit owners Based on overall cost Many options for basis: per unit, by size, tax capacity, association bylaws, etc. 105% of debt service Term of financing Not specified by HIA statute Should not exceed the life of the improvements Should consider homeowners repayment ability
16 Financing Prepayment Must consider possible prepayment before project commencement Can chose to allow or not allow prepayment during term of financing source influenced Need to account for rebates in bond sizing Administrative fees City may charge fees sufficient to cover all programmatic costs such as: staff time, county fees, financial advisor, and legal
17 Housing Improvement Areas Best Practices
18 Best Practices Establish an HIA policy Confirms adherence to statute Communicates roles and responsibilities Serves as a guide for processing and reviewing applications Defines eligible uses and communicates city goals for the HIA program
19 Best Practices Research risks PACE-like complications with mortgage wholesalers Number of units potentially underwater Construction complications and contingencies 19
20 Best Practices Have a development agreement for each project that includes provisions dealing with: Disbursement of bond proceeds or city funds Schedule for construction of housing improvements Requirement for professional property manager Requirements to submit annual audited financial statements and update of financial plan to demonstrate capabilities for ongoing maintenance and operation
21 Best Practices Development agreement provisions (cont.): General oversight of the association to protect city investment Provide added security from the association to ensure payment of HIA fees Address how to use excess fee revenues
22 Best Practices Cities using HIA Authority Brooklyn Park Burnsville Columbia Heights Coon Rapids Hopkins Lakeville Little Canada Minneapolis Minnetonka New Hope Plymouth Roseville St. Louis Park
23 Mark Ruff Senior Financial Advisor/Principal Phone:
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