Title
Subject: Communication from the Aldermen of the 6th and 14th District requesting to meet with the appropriate committee to discuss reviewing the interest rate and changing the 10-year street assessment pay-off to a 20-year for street paving. (Res.08-0970)
Recommendation of the Finance & Personnel Committee on 05-12-08: Defer the item.
Recommendation of the Finance and Personnel Committee on 06-9-08: Defer the item.
Recommendation of the Finance & Personnel Committee on 8-11-08: A new home owner loan program for assessment projects over $2,000 be established and funded through the 801 Special Assessment Fund. The program will be administered through the City Housing Department and follow all rules, regulations and income guidelines of the CDBG Fixed Interest Loan Program.
Fiscal Note: There are sufficient funds available to fund this program. CDBG Income guidelines will be used to determine eligibility and interest rates. Loans will require monthly payments with terms up to 20 years. All applications and subsequent loans will be handled in a manner identical to the CDBG Fixed Interest Loan Program.