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First presentation: council approves MURAL middle-income loan program with amendments
Summary
Ordinance 13-09, establishing a Middle Income Revolving Loan (MURAL) program, advanced on its first presentation after amendments to set the agency loan term at 15 years and require annual (rather than biannual) developer compliance reporting; council approved the amended first reading on a voice vote.
City Attorney Jared Reid presented Ordinance 13-09, which would establish a Middle Income Revolving Loan (MURAL) program intended to assist local homebuyers. Reid recommended specific amendments before passage: change the agency loan term to 15 years, change developer reporting from biannual to annual, and a small amendment to a single-family dwelling provision on page 3. "Those amendments would be on page 2 of the ordinance at the top," Reid said, and suggested council approve the ordinance "as amended."
Council member (S7) moved to approve Ordinance 13-09 as amended and the motion carried on a voice vote. The council and staff described the measure as a first step to helping local residents access housing finance; no fiscal detail beyond the loan-term amendment and reporting frequency was recorded in the transcript. Implementation details, program funding sources and eligibility criteria will be addressed in the ordinance exhibits and staff materials going forward.
