Submitted By
Tammie Grossman, Director of Development Customer Services
Reviewed By
AMZ
Agenda Item Title
Title
A Resolution Authorizing A Single Family Housing Rehabilitation Loan, A Lead Hazard Reduction Grant And An Energy Efficiency Grant (SFR-092)
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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 homeowners are requesting a deferred loan of $24,999.00, a lead hazard reduction grant of $9,690.00, and an energy efficiency grant of $8,100 from the Village.
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Recommendation
Recommendation
Approve the Resolution.
Body
Staff Recommendation
Approve the Resolution.
Fiscal Impact
Funding from the Village loan is from Fund 2020, the Community Development Revolving Loan Fund. This loan will reduce the $110,601.00 loan balance by $24,999.00, to $85,602.00 (Account 2020-46206-101-585613).
Funding for the Village lead grant is from Fund 2083, the Community Development Block Grant Fund. This grant will reduce the $66,768.00 budget amount for Lead Hazard Reduction grants by $9,690.00, leaving $57,078.00 (Account 2083-46201-101-585612).
Funding for the Village energy grant is from Fund 2310, the Sustainability Fund. This grant will reduce the 216,000.00 budget amount for Energy Efficiency grants by $8,100, leaving $207,900 (Account 2310.4102.101.570668).
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 owner/occupants of 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) A Deferred-Payment Loan Program which makes no-interest loans of up to $25,000, deferred for repayment for 20 years; and 2) A...
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