(A) A revolving loan fund, called the Glasgow Housing Revolving Loan Fund (GHLF), is hereby created to utilize the proceeds from program income earned on housing projects funded by previous state’s Community Development Block Grant Funding.
(B) The purpose of the Revolving Loan Fund shall be for rehabilitation of existing homes and construction of new housing to benefit low and moderate income families.
(C) The GHRLF shall be administered by the city’s Urban Renewal and Community Development Agency which, subject to the approval of the City Council, shall develop policies and procedures regulating the operation of the GHRLF. The policies and procedures shall address the formation and composition of a review board, eligibility and loan selection criteria, a loan selection and approval process, closing procedures, the monitoring of outstanding loans, the establishment of processing fees and development of an application form. Other concerns may be addressed as desired. No loan shall be disbursed without approval of the City Council.
(D) All monies earned shall be accounted for in a separate fund and used for the purposes as set forth in the policies and procedures.
(E) Proceeds from the repayment of principal and interest on the loans funded by the GHRLF shall be deposited in the Revolving Loan Fund to be used to assist future prospects.
(1989 Code, § 33.33) (Ord. 1859, passed 4-90-1990)