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Minnetonka panel backs $160,000 forgivable-loan fund to repair Homes Within Reach properties
Summary
The Economic Development Advisory Commission voted to recommend a $160,000 forgivable-loan program to the City Council that would provide up to $10,000 per household to eligible Homes Within Reach owners who have not accessed prior city assistance or pulled permits.
The Minnetonka Economic Development Advisory Commission on a roll-call vote recommended the creation of a $160,000 forgivable-loan program intended to help owners of Homes Within Reach properties pay for home repairs.
Staff told the commission the program—funded from the Affordable Housing Trust Fund—would offer up to $10,000 per household and is expected to serve about 16 homeowners who have not previously accessed city repair programs or pulled permits. "This program would have funding that comes from the Affordable Housing Trust Fund and would total, a $160,000," a staff member said during the…
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