Minutes 07/24/1984 - Laserfiche WebLink

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;90 TUESDAY JULY 24, 1984 Top Street and the section of Pine Hall Road between Yorkshire Road and Top Street, is estimated to be in an amount equal to the estimated unexpended balance of the grant funds and, too, the improvements can be completed by "HUD's" deadline of December 31st. Council- man Oakes, while expressing the hope that some of these unexpended funds might be applied to street improvements in the second target area (on the north side of the City), joined with all other members of Council in directing that these funds be used for street improve- ments in the aforesaid Top Street-Pine Hall Road area and, to accomplish this, Council unanimously authorized City Manager Edmonds to apply (to "HUD") for approval thereof through an appropriate amendment to the existing program. In connection with the foregoing housing rehabilitation program and in support of a pro- posed extension thereof (in the souths ide of the City along Askin, Graves, Park, Douglas, Oak, Summitt, and Union Streets), Mrs. Becky Miller, Housing Services Supervisor, (along with Miss Joan Ziglar, staff member, and Mr. J. Michael Grubbs, Administrative Assistant) described (and by way of photographic "slides") conditions before-and-after the current housing rehabilitation program, noting that this program has provided thirty-seven improved residences resulting in more energy efficiency and better living conditions as well as in more attractive living quarters and increased property valuations, all of which have renewed neighborhood pride and respect. In the proposed extension of the City's housing rehabilitation program, City Manager Edmonds informed Council that such a program would be limited to owner-occupied residences with three financing options, as follows: 1. 50% Grant/50% Loan for income-eligible owners; twelve-year term; grant portion forgiven or waived over time with repayment of loan portion; 2. 75/0 Grant/25/o Loan for owners who qualify as "very low income" (i.e., 50% of the area's median income); twelve-year term; grant portion for- given or waived over time with repayment of loan portion; and 3. Deferred Loan - 100% loan at no interest for very low-income elderly/ handicapped/disabled owners; payments deferred until transfer of prop- erty (forgiven or waived after twenty years).