City of Racine - File #: 0868-24

• File #: 0868-24
• Version: A
• Name: 1025 Melvin Ave. CDBG Loan
• Type: Communication
• Status: Passed
• File created: 10/2/2024
• In control: Community Development Block Grant Advisory Board
• On agenda: 11/19/2024
• Final action: 11/19/2024
• Title: Subject: Communication sponsored by Mayor Mason to issue a Community Development Block Grant (CDBG) home repair loan and a forgivable grant to the owner of 1025 Melvin Ave. Recommendation of the CDBG Advisory Board on 10-14-24: To approve the terms as presented for the CDBG home repair loan and forgivable grant to the owner of 1025 Melvin Ave. Fiscal Note: $14,548.14 is the total project cost, $7,274.07 is a grant, and $7,274.07 is a loan at 0.75% interest. There are sufficient funds available in the CDBG Revolving Loan Fund.

Date	Ver.	Action By	Action	Result
11/19/2024	A	Common Council	Approved as Presented	Pass
10/14/2024	A	Community Development Block Grant Advisory Board	Recommended For Approval	Pass

Title

Subject: Communication sponsored by Mayor Mason to issue a Community Development Block Grant (CDBG) home repair loan and a forgivable grant to the owner of 1025 Melvin Ave.

Recommendation of the CDBG Advisory Board on 10-14-24: To approve the terms as presented for the CDBG home repair loan and forgivable grant to the owner of 1025 Melvin Ave.

Fiscal Note: $14,548.14 is the total project cost, $7,274.07 is a grant, and $7,274.07 is a loan at 0.75% interest. There are sufficient funds available in the CDBG Revolving Loan Fund.