Council approves CDBG loan despite concerns about collateral location
Council approved a Community Development Block Grant (CDBG) loan after discussion about the collateral being located in Warren County and the program’s revolving nature; staff said the revolving fund balance was nearly $80,000 and principal repayments replenish the fund.
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Council reviewed a CDBG loan request during the special meeting and members expressed concern that the proposed collateral securing the loan sits in Warren County rather than in Luray. One councilor described the loan as the largest they had seen in recent experience and said they were "a little concerned" about the size of the disbursement from the fund.
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