Minutes 07/24/1984 - Laserfiche WebLink

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'JC tJ t" TUESDAY JULY 24, 1984 Other aspects of the program, as City Manager Edmonds pointed out, involve a proposed agree- ment with the Piedmont Trust Bank (which would process individual loan applications) by which the City would borrow $135,000.00 in tax-exempt funds at a below-market interest rate to lend to low-and-moderate-income home owners, with the City's repayment to Piedmont Trust Bank to be made monthly from loan payments made by the home owners. This borrowed sum of $135,000.00, along with approximately $55,000.00 received from repayment of existing "HRP" loans and a pro- posed Virginia Community Development Block Grant of $288,900.00, would finance the cost of rehabilitating thirty-five owner-occupied residences in the "Souths ide" area and begin January 1, 1985, with all funds therefor to be obligated by December 31, 1986, and expended by March 31, 1987. After commending Mrs. Miller, Miss Ziglar, and Mr. Grubbs for their important roles in making the existing housing rehabilitation program a success, City Manager Edmonds recommended that the program be continued (under new guidelines, some of which have been hereinbefore set out) and that he be authorized to apply (on the City's behalf) for a Community Improvement Grant (under the Virginia Community Development Block Grant Program) of $288,900.00 for said program extension. In acceptance of Mr. Edmonds' recommendation, and upon motion (duly seconded and unanimously carried), Council adopted the following resolution so authorizing Mr. Edmonds, with Councilman Oakes noting that he had previously opposed the existing housing rehabilitation program, at its inception, because it included rental housing - properties, whereas the proposed new program will be limited to owner-occupied residences: WHEREAS, as its regular meeting held July 24, 1984, Martinsville City Council authorized the preparation of an application for Community Improvement Grant funds under the Virginia Community Development Block Grant Program, for the purpose of helping finance Housing Rehabilitation Program loans to upgrade to current code requirements thirty-five low and moderate income owner-occupied units; now, therefore, BE IT RESOLVED by the Council of the City of Martinsville, Virginia in regular meeting assembled this 24th day of July, 1984, that it does hereby 1. Authorize the filing of said application with the Virginia Depart- ment of Housing and Community Development; 2. Agree to all understandings and assurances contained in said app licat ion;