Submitted By
Ahmad M. Zayyad, Deputy Village Manager / Interim Director of Development Customer Services
Reviewed By
LKS
Agenda Item Title
Title
A Resolution Authorizing a Single-Family Housing Rehabilitation Loan and a Lead Hazard Reduction Grant (SFR-099)
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Overview
Overview
The purpose of the Single-Family Housing Rehabilitation (SFR) Loan Program is to address and correct deteriorated and blighted homes throughout the Village. The eligible homeowner is requesting a deferred loan of $25,000.00 and a lead hazard reduction grant of $22,860.00 from the Village.
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Recommendation
Recommendation
Adopt the Resolution.
Body
Staff Recommendation
Adopt the Resolution.
Fiscal Impact
Funding from the Village loan is from Fund 2020, the Community Development Revolving Loan Fund. This proposed loan will reduce the $151,650.00 fund balance by $25,000.00, to $126,650.00 (Account 2020.46206.101.585613).
Funding for the Village lead grant is from Fund 2083, the Community Development Block Grant Fund. This proposed grant will reduce the $99,150.00 budgeted amount for Lead Hazard Reduction grants by $22,860.00, leaving $76,290.00 (Account 2083.46201.101.585612).
Background
Using Community Development Block Grant (CDBG) funding from the U.S. Department of Housing and Urban Development (HUD), the Single-Family Housing Rehabilitation (SFR) Program provides loans to low-and-very low-income owners/occupants of single-family properties to correct documented or potential code violations, deficiencies, and to make general property improvements. There are two loan products to accomplish program goals: 1) A Deferred-Payment Loan Program which makes no-interest loans of up to $25,000, deferred for repayment for 20 years; and 2) An Emergency Loan program which makes no-interest loans of up to $5,000 per unit, deferred for repayment for 5 years, for correction of single emergencies, code violations of an emergency nature, or life-endangering circumstances. A minimum co...
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