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Council authorizes $50,000 housing loan for renovation at 111 S. Main Street
Summary
The council unanimously approved Resolution No. 63 to authorize a $50,000 loan from the Jefferson Revolving Housing Loan Fund to Chady Properties to renovate two apartments at 111 S. Main Street; the loan includes a $22,000 private match, 3% interest and a 10-year amortization.
The Jefferson Common Council on Oct. 1 approved Resolution No. 63 to authorize a $50,000 housing loan to Chady Properties for renovation of two apartments at 111 S. Main Street.
According to the resolution, the total estimated renovation cost is $72,000; the loan request is for $50,000 with a $22,000 private match from the applicant. The loan terms recorded in the resolution specify a 3% interest rate and a 10-year amortization period. The Redevelopment Authority recommended the loan after finding the applicant met the minimal conditions of the Revolving Housing Loan Manual.
The resolution requires certification by the applicant that the renovated units will be rented to qualified low- and moderate-income residents under Jefferson County income guidelines and state rent limits. The council directed the City Administrator, City Attorney and City Clerk to execute any documents associated with the loan and closing.
Ald. Scott Obernberger introduced the resolution; Ald. Joe Mattke seconded. On a roll-call vote the motion carried unanimously.
