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Board authorizes signing of three Region 12 forgivable down-payment loans totaling $36,000
Summary
Officials authorized the chair to sign three forgivable down-payment loans through the Region 12 program. The three loans total $36,000 (about $10,000 each), and must be used for owner-occupied purchase and include residency requirements that can trigger refunds back to the program if violated.
The board authorized the chair to sign three forgivable down-payment loans administered through the Region 12 program after a short presentation and voice vote.
Chair (S2) explained the loans are part of a Region 12 down-payment assistance program the county participates in and sought the board’s authorization to sign the documents. Committee member S5 told the board the three loans totaled $36,000, and that the loans include residency conditions: S5 said one prior recipient failed to meet a five-year residency requirement, sold the house, and refunded money back to the program’s fund.
A member asked whether the loans required owner-occupancy; S5 confirmed they require residency. Speaker S6 seconded the authorization and the board approved the request by voice vote. No additional restrictions, contingencies or reporting requirements were specified in the transcript.
The authorization allows staff to execute the paperwork necessary to finalize the forgivable loans. The transcript does not include borrower names or property addresses, and the board did not specify any additional conditions during the meeting.
