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RM 06-21-74
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RM 06-21-74
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11/6/2012 10:10:57 AM
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6 -21 -74 Draft 2 <br />Individuals are restricted to one grant per family. Non- profit <br />groups are restricted to one grant per group to be used to re- <br />habilitate one house. If a group wishes to rehabilitate additional <br />houses, if-money is available, a low - interest loan can be granted <br />to the group. 12.5% of the money allocated for the first phase <br />of the project ($50,000) shall be set aside for non - profit groups. <br />Any of this money not applied for by the end of the application <br />period shall be used for individual grants and Loans. <br />�. Grants and loans shall be made only to individuals who are resi- <br />dents of the project area. For the initial phase of the project, <br />80% of the grant monies ($275,000) shall be used in the area <br />bounded by Broadway, High, Sample and Michigan. 20% ($75,000) <br />shall be used in the area bounded by Broadway, High, Calvert and <br />Michigan. <br />The amount of the grant and loan shall be dependent on 3 factors: <br />a sliding scale of family size, income and age, the type of repairs <br />necessary, as determined by inspection, and the discretion of the <br />Advisory Committee. <br />The sliding scale (see Page 5) shall determine what percentage of <br />the funds for rehabilitation shall-be grant and what percentage <br />shall be loan. (Example: in a 4 person family with income of <br />$7,000., 70% of the allocation shall be a grant, 30% loan.) Loans <br />will be at 3 %, repayable over a ten -year period. At the time the <br />contract is signed between the homeowner and the *Redevelopment <br />Commission, arrangements for repayment of the loan shall be made, <br />based on guidelines established by the Advisory Committee. No. <br />grant shall exceed $5,000. but loans or combination grants and <br />loans may exceed $5,000 in unusual circumstances, as determined <br />by the Advisory Committee. <br />
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