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Kenosha council approves parameters for Affordable Living Neighborhood Revival Program, names bank to run loan approvals
Summary
The City of Kenosha approved a mayoral resolution setting program limits for the Kenosha Affordable Living Neighborhood Revival Program and a separate lending services agreement that assigns underwriting and applicant selection to State Bank of the Lakes.
The Kenosha City Council on a voice vote approved a resolution that sets parameters for the Kenosha Affordable Living Neighborhood Revival Program and separately approved a lending-services agreement with State Bank of the Lakes to administer the loan pool.
The resolution, presented as Item 2, establishes program limits including a maximum loan of $325,000 and an interest rate the presenter described as 5.75%. The resolution also includes a provision for a second mortgage of up to $50,000 for eligible buyers and a developer agreement clause that would transfer lots to builders for $1, with a requirement that the builder construct and sell the home within 15 months.
Staff emphasized the two items (the resolution and the lending agreement) are…
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