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<br />(jO <br /> <br />TUESDAY <br /> <br />MARCH 26, 1985 <br /> <br />recommended a new point system for ranking preapplications as well as the following <br /> <br />policy modifications which, if approved, might enable the City to rehabilitate six- <br /> <br />teen units rather than the contemplated thirteen units: <br /> <br />1. Lend and grant funds for a twenty-year term (rather than for <br />twelve years previously in effect), thereby increasing the <br />proportion of loaned funds and extending the funds available <br />for grants; <br /> <br />2. For the very-low income families (below 50% of median income), <br />offer 60% grants/40% loans; for the low-to-moderate income <br />families (51%-80% of median income), offer 40% grants/60% loans; <br /> <br />3. Provide for the inclusion of the bank fee (2% of both loan and <br />grant amounts) and the attorney's closing fee ($200.00) in the <br />individual loans (there being no monthly bank service fee); and <br /> <br />4. Establish a minimum assistance amount of $3,000.00 (including <br />fees). <br /> <br />In the ensuing discussions by members of Council, in which Mrs. Rebecca Miller, <br /> <br />Housing Services Supervisor, provided some additional information, Vice-Mayor <br /> <br />Severt raised the question as to whether the bank fee of 2% on both loan and grant <br /> <br />amounts should be limited to only the loan amounts and, in addition, Vice-Mayor <br /> <br />Severt asked that the "effective" interest rate and/or the "APR" (average percent- <br /> <br />age rate) be calculated and presented. On a motion, duly seconded, to accept City <br /> <br />Manager Brown's foregoing recommendations, Vice-Mayor Severt abstained from voting <br /> <br />(because of her expressed "problem" with the application of the 2/0 bank fee), <br /> <br />whereas all other members of Council voted affirmatively; thus, the motion was <br /> <br />carried. <br /> <br />Ms. Mary Martha Woody, Director of the Martinsville-Henry County Mental Health <br /> <br />Association, appeared before Council on behalf of the local Multi-Discipline Team <br /> <br />on Child Abuse & Neglect and apprised Council and the public of the seriousness <br /> <br />and scope of child abuse and neglect as well as efforts underway to combat this <br /> <br />problem by the local Multi-Discipline Team. In conjunction with this presentation, <br />