Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Gaithersburg proposes 0% multifamily loan option and stepped-up landlord outreach to spur repairs
Summary
City housing staff proposed lowering interest on the Multifamily Investment Loan Program (MILL) to 0% and increasing outreach to landlords and tenant associations after the program generated interest but no applications since its spring 2024 launch.
Brittney Marinello, housing division manager, told the mayor and council that Gaithersburg's Multifamily Investment Loan Program (MILL) launched in spring 2024 to fund property repairs and energy upgrades with loans up to $250,000 but has produced calls of interest and no formal applications.
To increase participation, staff proposed reducing the program’s interest rate from its current “prime minus 2%” structure to 0% interest, citing similar county offerings that have generated applications. Marinello said the higher local interest burden may be preventing owners from…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
