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1072-17
| A | | Reports | Communication | Subject: Reports
A. Delinquency Report
B. LBR Financial Report
C. Monthly Activity Report
D. Property Disposition Report | Deferred | Pass |
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1102-17
| A | | Request by Lutheran Social Services (Res. 0395-17) | Communication | Subject: (Direct Referral) Request by Lutheran Social Services for a $700,000 CDBG Multifamily Loan for 1701 Packard Avenue ("Gold Medal Lofts") (Res. 0395-17)
Recommendation of the Loan Board of Review on 11-16-2017: That the loan to Lutheran Social Services $720,000 for acquisition costs of 1701 Packard Avenue at 1% interest with a 20 year term be approved. Repayment terms to be contingent on surplus cash flow and minimum $7,200 interest-only annual payment at 1% interest. Mortgage and promissory note to be signed at closing and after demonstrating full project financing and tax credits and enviromental review.
Further, recommend that the Mayor and City Clerk be directed to enter into a contract with Lutheran Social Services consistent with its application and all applicable federal regulations.
Fical Note: The CDBG Multifamily Loan account currently has a balance of $1.3 million to loan to eligible projects in 2018. $720,000 would be loaned from the CDBG Multifamily Loan account at 1% interest with a 20 year term. Repayment terms to be contingent on surplus cash flow and minim | Recommended For Approval | Pass |
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1096-17
| A | | Request | Communication | Subject: Request from Jason and Shannon Farner of 2426 20th Street for a Home Improvement Loan | Approved | Pass |
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1097-17
| A | | Request | Communication | Subject: Request from Lorene Willis of 1920 Howe Street for a Home Improvement Loan | Approved | Pass |
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1079-17
| A | | Tax delinquency | Communication | Subject: Tax delinquency policy for homeowner repair loans and/or code compliance grants.
Staff Recommendation: That the Loan Board of Review discuss tax delinquency policies and procedures with representatives from the City Attorney's Office and, if desired, take corresponding action amending the Housing Rehabilitation and General Administration Policy and Procedures Manual. | Deferred | Pass |
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