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Item No. 21 <br />memorandum <br />TO: Mayor & City Council <br />FROM: John Godwin, City Manager <br />SUBJECT: HOME REPAIRS LOAN PROGRAM <br />DATE: January 6, 2015 <br />BACKGROUND: At the end of the year we had received 58 applications. Thirty of those were <br />denied, for the following reasons: owed back taxes (10), not within the abatement zone (3), not <br />the owner (2), denied by bank (13), and not living at address (2). <br />STATUS OF ISSUE: Of the other 28 approved for eligibility by the city, 16 have so far been <br />approved by banks, and six have been completed. All four banks that agreed to participate in the <br />program have received and approved loan applications. <br />BUDGET: Funds were diverted from demolition to this new loan guarantee program; to date, no <br />funds have been expended. <br />RECOMMENDATION: Discussion & update only. <br />