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Item No. 12 <br />memorandum <br />TO: Mayor & City Council <br />FROM: John Godwin, City Manager <br />SUBJECT: HOME REPAIRS LOAN PROGRAM <br />DATE: January 21, 2015 <br />BACKGROUND: At the end of the year we had received 58 applications. Thirty were denied, <br />28 were approved for eligibility by the city, 16 have been approved by banks, and six have been <br />completed. All four banks that agreed to participate in the program have received and approved <br />loan applications. <br />STATUS OF ISSUE: We discussed this briefly on January 12. At that time we planned a <br />meeting with the banks and Dr. Hashmi, but since that time Carl Cecil of Liberty National has <br />spoken to each of the participating banks and each has enthusiastically agreed to continue this <br />very successful program. <br />BUDGET: Funds were diverted from demolition to this new loan guarantee program; to date, no <br />funds have been expended. <br />RECOMMENDATION: Extend program until the end of the calendar year or until all funds are <br />expended. <br />