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City approves tri‑party reconstruction loan for homeowner at 1213 Antone Street using CDBG funds
Summary
Council approved a tri‑party agreement to reconstruct a homeowner's residence at 1213 Antone St. through the City's rehabilitation program using CDBG and insurance proceeds; the project cost is $185,000 and the city's program loan is about $92,887.48 repayable at 0% interest.
The council approved a tri‑party agreement to reconstruct a home at 1213 Antone Street under the City of Bryan's rehab and reconstruction program.
Housing staff explained the program requires owner occupancy for at least two years, income qualification, and that the house be infeasible to rehabilitate. For this project, the total cost is $185,000; insurance proceeds will cover a substantial portion and the City will provide approximately $92,887.48 through a repayable 0% interest loan. Staff said the homeowner has lived in the home since 1990 and suffered a fire two years ago; insurance proceeds will be placed in escrow and used for the construction costs not covered by the program loan.
Council members emphasized clarity for constituents that the CDBG funding is a grant to the city and that the homeowner receives a repayable loan (0% interest) rather than a direct grant. Council voted to approve the agreement and noted the loan payments, when repaid, cycle back into CDBG for future projects.
