Board discusses taking loan-administration duties from AMPDC amid capacity concerns
Board members raised concerns AMPDC lacks bandwidth to police owner-occupancy clauses on revitalization loans and asked staff to explore bringing administration back to the EDA or town oversight so repayments would return locally.
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Staff explained that a community revitalization loan program administered by AMPDC includes a conditional no-payback clause if property owners remain in houses for five years; otherwise repayment is required and the town has a recorded claim. "It is a no payback loan if they stay in the property for 5 years," staff said, describing the program and the administrative burden of tracking occupancy compliance.
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