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Presenter: program can offer $10,000 occupancy credit instead of annual payments
Summary
A staff presenter described a housing rehabilitation option that gives homeowners an occupancy credit ("you'd get a $10,000 credit") in lieu of annual cash payments and outlined a six-year occupancy option and homesteading requirement.
A presenter explained that under the proposed housing rehabilitation plan, qualified homeowners could receive an occupancy credit instead of making annual cash payments. "Instead of you paying us, you know, dollars 10,000 a year every year, you'd get a $10,000 credit," the Presenter said, describing the financial mechanism that would reduce recurring out-of-pocket costs for participants.
The Presenter and Staff member also discussed program mechanics for homeowners who do not intend to live in the assisted property: the program could allow a wait period (commonly six years in the discussion) before the city asserts its recovery interests, and applicants must homestead the assisted property if required. Staff member explained the city's and consultant's monitoring duties to ensure compliance with program rules and homestead status. The article reflects discussion only; no final adoption occurred during the meeting.
