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- Proposal meets )% low /mod benefit strategy. <br />- Proposal meets 70% large family benefit strategy. <br />- Proposal will not require relocation of tenants. <br />- Proposal is financially feasible. <br />FINANCIAL FEASIBILITY <br />As stated in the project summary, the City of Paris is currently rehabilitating <br />rental property under a CDBG /Section 8 Moderate Rehabilitation loan leveraging <br />program . As with the RRP description, the current program makes low interest <br />loans for less than half, usually 30`% of the total amount needed for re- <br />habilitation. The investor borrows the balance from his lender. The City has <br />obtained agreement from the lenders to have their loans processed and serviced, <br />without fee, by the leader. Repayment funds of principle and interest are kept <br />on deposit, thereby tracking itself, with lender. Balance statements are then <br />sent to City on a regular basis. It is the recovery of these Title I (CDBG) <br />funds which will pay for the administration of the TRR program. <br />EFFECT OF PROGRAM <br />In addition to providing standardized rental units affordable to low /moderate <br />families, this activity will further the revitalization and redevelopment of <br />residential property already underway with CDBG and Section 8 Moderate <br />Rehabilitation programs. The above programs will repair, approximately 94 units <br />of owner and renter properties within the City. The City, through its Main <br />Street designation have made great strides in preserving period buildings <br />all of which are located inside the RRP designated area. <br />R� <br />