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Mounds View EDA November 8, 2010 <br />Regular Meeting Page 3 <br /> <br />assisted blighted homes. He did not want the City competing with local banks. He suggested <br />that interior repairs should not be the focus of this program, and wondered whether City dollars <br />should be used for energy efficiency improvements. <br /> <br />Commissioner Mueller stated the applicant’s income was limited within the general home loans, <br />which should limit applications for interior home repairs. <br /> <br />Vice President Stigney requested code enforcement loans have an interest rate. He noted again <br />that the eligible repairs on windows should be energy efficient. <br /> <br />President Flaherty read through a portion of the loan program stating interior repairs are only <br />allowed if they are related to life safety issues of the residents and are required by the code <br />enforcement officers. Economic Development Specialist Steinmetz indicated she could speak <br />with Jeremiah further on this issue. He could attend a meeting to explain these lists with the <br />EDA, the code enforcement official if desired. <br /> <br />Vice President Stigney questioned how long it took to process the emergency loans. Economic <br />Development Specialist Steinmetz noted a loan was completed this past winter, for a Mounds <br />View resident and it was administered very quickly. <br /> <br />President Flaherty was satisfied with the criteria. He requested additional information from <br />GMHC and the services they would provide. He suggested holding off on the marketing of the <br />program hold off until January as he did not want the City to get the cart before the horse. Once <br />the City had better knowledge of the fees and services provided by GMHC, the program could be <br />advertised. <br /> <br />Commissioner Mueller requested the loan term on Page 3 be reduced from 15 years to 10 years. <br />She questioned if it was necessary for a homeowner to apply for two different types of loans at <br />the same time. Economic Development Specialist Steinmetz indicated this language could be <br />removed from the criteria. Commissioner Mueller asked that it be omitted. <br /> <br />Commissioner Mueller suggested each loan state that a property owner only be eligible for one <br />loan noting she would like to see as many residents benefit from this program as possible. <br />Executive Director Ericson felt this was a reasonable request, especially given this was a one <br />year pilot program and adjustments could be made if necessary. <br /> <br />President Flaherty indicated this program was designed to meet the needs of the community as <br />residents have approached GMHC for funds. The criteria were specific based on the Mounds <br />View residents to assist with those that could benefit from a home improvement loan. <br /> <br />Vice President Stigney requested each loan be voted on separately as he opposed several. <br />Economic Development Specialist Steinmetz explained that the resolution before the EDA this