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EDA discusses mission statement and possible relaxed IRF lending criteria after DHCD contact
Summary
Board members discussed creating an IRF mission statement to guide loans and heard from Matt Spuck that a recent conversation with DHCD's Brandon Archer suggested lending criteria "may not be as stringent as in previous cycles." The discussion did not produce a final policy change.
Onancock EDA members spent part of their March 19, 2025 meeting discussing the creation of a mission statement and scope for the Internal Revolving Fund (IRF) to guide loan processes. Members agreed a written mission and scope would clarify priorities and the conditions under which the IRF could be used to support local projects.
Matt Spuck reported he had recently spoken with Brandon Archer at the Department of Housing and Community Development (DHCD) and said the criteria for lending IRF money to new projects "may not be as stringent as in previous cycles." The minutes record that this conversation suggests potential flexibility in loan eligibility but do not record any formal change to policy or an immediate vote to alter lending rules.
Board members did not adopt specific lending criteria at the meeting; they identified drafting a mission statement and a lending scope as next steps to be completed before any loans are authorized under altered rules.
