Submitted By
Tammie Grossman, Director of Development Customer Services
Reviewed By
LKS
Agenda Item Title
Title
A Resolution Awarding a Single Family Housing Rehabilitation Loan and Lead Hazard Reduction Grant (SFR-062).
End
Overview
Overview
The purpose of the Single Family Rehabilitation Loan Program is to address and to correct deteriorated and blighted homes throughout the village. The eligible homeowner is requesting a deffered loan of $24,999 and a lead hazard reduction grant of $33,360 from the village.
Body
Staff Recommendation
Approve the Resolution Authorizing a Rehabilitation Loan and a Lead Hazard Reduction Grant for this 1-unit property.
Fiscal Impact
Funding from the Village loan is from Fund 2020, the CDBG Revolving Loan Fund. This loan will reduce the $150,875 loan balance, by $24,999 ($175,000 original budget amount from the 2014 budget) to $125,876 (Account 2020-46206-664-585613).
Funding for the Village lead grant is from Fund 2083, the Community Development Block Grant Fund. This grant will reduce the $78,495 budget amount for Lead Hazard Reduction grants ($105,000 original budget amount from the 2014 budget) by $33,360 leaving $45,135 (Account 2083-46201-664-585612).
Background
Using CDBG funding, the Single-Family Housing Rehabilitation Program provides loans to low-and-very low-income owner/occupants single-family properties to correct documented or potential code violations and deficiencies, and to make general property improvements. There are two loan products to accomplish program goals: 1) Deferred-Payment Loan Program which makes no-interest loans of up to $25,000, deferred for repayment for 20 years; and 2) 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 contingency of at least 10% of the loan amount or up to $5,...
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