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Item No. 23 <br />memorandum <br />TO: City Council <br />FROM: John Godwin, City Manager <br />SUBJECT: REPAIR LOAN PROGRAM <br />DATE: May 11, 2016 <br />BACKGROUND: The city has been working in partnership with four local banks for over two <br />years to help provide low interest loans for property owners with deteriorating homes, especially <br />problems related to roofs, windows, and walls. To date 29 properties have been in the program. <br />There have been no delinquencies and two loans were paid off early. <br />STATUS OF ISSUE: The banks have all indicated an interest in continuing the program, and we <br />have also met to discuss expanding the program to begin to try to address non - residential <br />buildings in downtown. Loans would necessarily be based on different criteria that we would <br />still have to develop, and the city's loan guarantee amount per project would likely be larger too. <br />Even so, we hope to pursue more detailed consideration and bring back specific program details <br />to the council at a subsequent date. <br />BUDGET: None of the previously allocated funds have been expended, and so remain available. <br />RECOMMENDATION: Extend the loan program for another twelve months, and work to <br />develop an expansion of the program into downtown <br />