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Commission hears details of new $250,000 homeowner-assistance loan program
Summary
Planning staff announced the 'homeowner helper' program: council allocated $250,000 to create 0% interest EDA loans placed on eligible properties, intended to form a revolving loan fund repaid upon sale; outreach has begun and initial calls have been received.
Planning staff announced a new "homeowner helper" program the city council has funded with $250,000 to assist homeowners who cannot afford certain home improvements.
"Council set aside $250,000 for folks who cannot make improvements, cannot afford to make improvements on their homes," staff said, describing a program where eligible applicants may be approved for a loan placed by the Economic Development Authority on the property at 0% interest. Staff said the hope is repayment will occur when the house changes ownership, allowing the funds to revolve for future applicants.
Staff said outreach has started with a newspaper notice, social media and planned flyers, and they have discussed community outreach through radio stations and churches. "We've already had 3 calls so far just off of 2 ads," staff reported, noting ads ran in the Advocate and the News Gazette. The program is new and staff said they will monitor how it performs in this first round.
Staff also reminded commissioners to file financial disclosure and real estate statements by Monday, Jan. 26. Details about application deadlines, eligibility criteria and administration are to be provided by staff through the city's usual notices; the transcript does not list application forms or an exact application deadline.
