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Janesville CDA approves option to convert several homeowner installment loans to deferred-payments at sale
Summary
The Janesville Community Development Authority voted to allow staff to offer conversion of existing homeowner installment loans to deferred-payable-until-sale liens to reduce monthly administrative burden and align prior loans with current program practice. The option affects about six borrowers and is voluntary.
The Janesville Community Development Authority voted to allow staff to convert existing homeowner installment loans that require monthly payments into deferred loans payable at the time of sale, a staff member told board members. The change was approved by voice vote after a motion and second; no roll-call tally was provided and the motion carried.
The change is intended to reduce administrative burden and make older loans consistent with the CDA’s current home-improvement program, which already records loans as deferred until sale. "What you have, in front of you tonight is…
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