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Committee reviews revolving-loan fund status, past-due payments and two pending draws
Summary
Staff told the committee that a few loans were past due (partly because of recent wild weather delaying mail), Salon 54 has ordered about $23,000 of furniture under a $25,000 approval and Hollywood Nails has not yet drawn funds; staff said fund balance is a moving target tied to repayments and HUD timelines.
At an informational agenda item, staff updated the Community Development Block Grant Revolving Loan Committee on portfolio status, past-due accounts and pending draws.
Staff reported some loan payments were past due and attributed part of the delay to recent severe weather that delayed mailings; they said they have been communicating with borrowers and have…
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