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