Regular Village Board meetings are typically held at 7:00 p.m., the first three Tuesdays of each month in Council Chambers of Village Hall (room 201), 123 Madison St. When a Regular Meeting falls on a holiday, the meeting typically is held the following night. The Village Board also meets in special sessions from time to time. However, dates and times of Special Meetings can vary and may change.

File #: RES 15-250    Name:
Type: Resolution Status: Passed
In control: President and Board of Trustees
On agenda: 4/20/2015 Final action: 4/20/2015
Title: A Resolution Awarding a Single Family Housing Rehabilitation Loan and Lead Hazard Reduction Grant (SFR-062).
Attachments: 1. Exhibit A Mortgage-HPAC Recommendation SFR-062, 2. Exhibit B Note-HPAC Recommendation SFR-062, 3. Exhibit C Agreement-HPAC Recommendation SFR-062, 4. Attachment A-HPAC Recommendations -SFR-062-HPAC Minutes, 5. Attachment B-HPAC Recommendation SFR-062 Loan Summary, 6. Attachment C-HPAC Recommendation SFR-062 Budget and Bid Evaluation, 7. Resolution Small Rental Rehab 04-03-15
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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