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