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Health agent recommends Betterment loan after community development grant funds exhausted
Summary
A homeowner seeking assistance for needed repairs was told the community development grant program had no remaining funds; the health agent recommended using the town’s Betterment loan process (three quotes and selection) as the remaining low-cost option.
The health agent told the board that the homeowner who sought grant assistance was informed the community development program had no money left, leaving the Betterment loan or a commercial bank loan as the available financing options.
S3 said the homeowner’s application was submitted but the program confirmed funds were exhausted. The Health agent recommended moving forward with a municipal Betterment loan process: "In that case, we'll do it just like we have any other Betterment loan. We'll get him to get 3 quotes. He'll pick one, and we'll go from there." The board supported staff moving forward to help the homeowner obtain three contractor quotes and proceed under the Betterment process.
No loan approval or expenditure was made at the meeting; staff will assist the homeowner in preparing the Betterment application and obtain required quotes before bringing the loan for any formal approval.
