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RM 09-05-80
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RM 09-05-80
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South Ben4 Redevelopment Commission <br />Regular eting - September 5, 1980 <br />6. NEW BjUSINESS <br />c. c6ntinued... <br />. Ellison: Mrs. Baumgartner, would it <br />necessary for the appraisal and <br />rtain other details to be available <br />fore the application is sent to HUD? <br />M *s. Baumgartner: Yes. <br />Mr. Cira: Is there some limitation on a <br />federal loan? (the amount of rent that <br />can be charged) <br />Mr. Ellison: I am not exactly sure but <br />guess is that there is not, even <br />though theoretically the 312 program is <br />not targeted necessarily to low income. <br />Its objective is to make more efficient <br />use of the units which exist. The <br />program is really targeted for people <br />o own property, or are willing to <br />vest in property. Communities do <br />have flexibility to include in loans <br />some kind of rent control provisions. <br />Frankly the format that we have now is <br />n t really effective, and secondly I <br />don't really think that cities typically <br />have the capacity to do the monitoring <br />tc make sure the person is actually <br />charging a certain amount of rent. <br />What we wind up doing is looking at the <br />r nts proposed to be charged and try <br />tc make a determination as to whether <br />they seem reasonable given the size <br />o the property, its location, etc. <br />y of the rents. for that area are based <br />o4 the good rehabilitation job. <br />-s. Baumgartner, would it be your pleasure <br />have this 312 loan application tabled? <br />Baumgartner: I <br />the application <br />-es are in order. <br />would be happy to <br />tabled until the <br />Ellison: Are the balance of the loans <br />single family occupants? <br />20 <br />
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