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Council approves CDBG‑backed reconstruction loan for owner‑occupied home at 1213 Antone Street
Summary
The council approved a tri‑party agreement using CDBG funds to reconstruct an owner‑occupied home at 1213 Antone Street with a total project cost of $185,000; the city’s program share is about $92,887.48 and the homeowner will hold a repayable 0% interest note.
The Bryan City Council approved a tri‑party agreement to reconstruct an owner‑occupied home at 1213 Antone Street using the City of Bryan rehab and reconstruction program and federal HUD funds.
Housing program staff Lindsey Guindy said eligibility requires owner occupancy for at least two years, income qualification, zoning clearance and the ability to temporarily relocate. The project’s total cost is not to exceed $185,000; the city's program expenditure is approximately $92,887.48 and the remaining funds will come from the homeowner’s insurance proceeds, which the city will escrow and use to pay the contractor for that portion of the cost. "We are using our CDBG funds...both CDBG and HOME come from the Department of Housing and Urban Development," Guindy said.
Guindy explained the homeowner will receive a 0% interest repayable loan (note) and that loan repayments return to the CDBG program for future projects. Councilors asked about projected taxable-value increases on completion and whether the homeowner understands the repayment obligation; staff said they would provide taxable-value comparisons from a similar recent project on East 28th Street and confirmed the homeowner will repay a note over time.
Council approved the agreement unanimously.
