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