Under the Home Improvement Loan Interest Subsidy Program, the City intends to provide an interest subsidy for certain loans to resident owners of record of properties in the City made by lending institutions that have entered into an agreement with the City in accordance with Section 173.04, to the extent that moneys not raised by taxation are appropriated for that purpose in accordance with Section 173.04 and on the following terms and conditions:
(a) Each loan shall be for the purpose of rehabilitating, remodeling or otherwise improving a single-family or two-family residence or a residential condominium unit located within the City and shall be made by a lending institution that has entered into an agreement with the City in accordance with Section 173.04 to the resident owner or owners of record of such residential real property. The improvements to be made shall be real property improvements.
(b) The interest subsidy provided shall be equal to or less than three percent (3%), as determined in accordance with the eligibility criteria described in Section 173.03.
(c) The interest subsidy shall be provided for a period equal to the lesser of:
(1) The term of the loan or
(2) Twenty-four months.
(d) The interest subsidy may be granted for all or a portion of the principal amount of a loan; provided that the principal amount with respect to which interest subsidies are granted to each resident owner shall not exceed:
(1) Fifty thousand dollars ($50,000) for that owner during each calendar year and
(2) Two hundred fifty thousand dollars ($250,000) for that owner during the life of this Program.
(e) Interest subsidies shall be provided on a first-come, first-served basis to residents who meet the eligibility criteria to be established as described in Section 173.03, to the extent that moneys not raised by taxation are appropriated by Council for such purpose in accordance with Section 173.04.
(Ord. 92-52. Passed 5-19-92.)