Laserfiche WebLink
6.(f) <br />T <br />i <br />W BUSINESS Continued <br />1. Original and five copies of form HUD 6230 - application <br />312 loan. <br />2. Original of LPA Inspection and Cost Estimate. <br />3. One copy of C -100 Credit Report. <br />4. Original form HUD 6232, As -is Appraisal. <br />5. Original form HUD 6233, Verification of Employment. <br />6. Original form HUD 6234, Verification of Deposit. <br />7. Original form HUD 6239, Verification of Mortgage. <br />8. Original Financial Worksheet. <br />Brownell indicated anyone who wanted to could look through the <br />n packet. <br />312 LOAN APPLI- <br />CATION APPROVE[ <br />$3,450.00 <br />18 /SOU- 2 /10 /1 -i <br />JOYCE MEADER <br />443 S. KENMORE <br />n request by the Chair for clarification, Mr. Brownell stated that <br />are the only Commission in the state, as he understands it, that <br />allowed to locally approve 312 loans. <br />Mrj. Crighton said "that is correct ". <br />Chair: Where does the money come from? <br />Mrj. Brownell: The money comes from HUD. <br />Mr. Crighton: From the Department of Housing and Urban Development; <br />under Section 312 of the National Housing Act of 1964, in connection <br />with our Section 810 Homesteading Program that was approved last year, <br />we are also eligible to receive, I believe, $408,000 in 312 loan <br />funds. We have expended about $60,000 for which we had ten loans <br />approved last August and this is the first new set. We anticipate <br />receiving additional 312 funds for not only the Homestead target <br />areas but also for the community development target areas. Our total <br />budgeting for that project should be around $248,000 total in 312 <br />funds. <br />Chair thanked Mr. Crighton for the explanation. <br />Mo ion to approve 312 loan as outlined was made by Mr. Wiggins, <br />se onded by Mr. Donaldson and carried. <br />Mr. Wiggins: Mr. Chairman, I think as a procedural thing, if we are <br />going to attach this much weight to these cost estimates, then we <br />have some responsibility for determining the validity of the cost <br />estimates. According to what you were saying a few moments ago, to <br />get a really.effective cost estimate, the commitment of some funds <br />is necessary, if you are going to hire a professional. Or, if you are <br />go ng to have the staff do this..I don't know where we are in this <br />re and but apparently you need some new tools. <br />Mr. Crighton: Well we are not required to do cost estimates by <br />co unity development regulations. We were (so required) under the <br />31 and 115 REGS under Urban Renewal, as you will recall. Community <br />Development has no such requirement. We do the cost estimates to the <br />be 3t of our ability, that is both skill level and financial ability, <br />in order for us to get an idea of approximately what it is going to <br />co t. If we get a cost estimate that's $8,000 or $9,000, then we <br />-8- <br />