City of Racine - File #: 12-7940

• File #: 12-7940
• Version: A
• Name: (Direct Referral) Staff requests authorization to modify HOME grant policy. (Res. No. 12-3266)
• Type: Application
• Status: Passed
• File created: 7/17/2012
• In control: Loan Board of Review
• Final action: 8/6/2012
• Title: Subject: (Direct Referral) Staff requests authorization to modify HOME grant policy. (Res. No. 12-3266) Recommendation of the Loan Board of Review on July 19, 2012: Recommend approval of the modifications to the home improvement loan matching grant policy: that the matching grant shall be no larger than the amount needed so that housing cost ratio does not exceed 41% and/or total debt ratio does not exceed 45% or $14,999 (maximum grant), whichever is less. Fiscal Note: Grants are provided from Federal HOME funds. The change is necessary to bring the City's program into compliance with U.S. HUD guidelines and regulations.
• Related files: Res.12-3266

Date	Ver.	Action By	Action	Result
8/6/2012	A	Common Council	Approved as Presented	Pass
7/19/2012	A	Loan Board of Review	Approved	Pass

Title

Subject: (Direct Referral) Staff requests authorization to modify HOME grant policy. (Res. No. 12-3266)

Recommendation of the Loan Board of Review on July 19, 2012: Recommend approval of the modifications to the home improvement loan matching grant policy: that the matching grant shall be no larger than the amount needed so that housing cost ratio does not exceed 41% and/or total debt ratio does not exceed 45% or $14,999 (maximum grant), whichever is less.

Fiscal Note: Grants are provided from Federal HOME funds. The change is necessary to bring the City's program into compliance with U.S. HUD guidelines and regulations.