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<br />Item No: 7A <br />Meeting Date: May 13, 2013 <br />Type of Business: EDA <br />Administrator Review : ____ <br /> <br />City of Mounds View Staff Report <br /> <br /> <br /> <br />To: Economic Development Authority (EDA) <br />From: Heidi Steinmetz, Economic Development Specialist <br />Item Title/Subject: Resolution 13-EDA-275 Amending the Mounds View Home <br />Improvement Loan Program <br /> <br />Background <br /> <br />The Home Improvement Loan Program was created by the EDA in late 2010 to provide <br />additional home improvement loan options to Mounds View residents. Shown below, the <br />program offers four types of loans, three of which cater to low-income residents who may <br />not qualify for traditional home improvement loan financing. <br /> <br />Loan Name Loan Amount Interest Rate Payment Type <br />Home Demolition Up to $10,000 3% Fixed <br />Code Enforcement Up to $7,000 0% Fixed <br />General Home Improvement Up to $10,000 3% Fixed <br />Emergency Deferred Up to $7,000 0% Deferred <br /> <br />Since the program’s inception, three loans have closed (bathroom remodel, new roof and <br />home demolition). The total amount of loan funds used is $24,000. <br /> <br />Discussion <br /> <br />The EDC (April 19) and EDA (April 22) recently discussed the following two amendments <br />to the Home Improvement Loan Program : <br /> <br />1) Decrease the Mounds View Home Improvement Loan Program budget to $100,000 <br /> <br />2) Increase the Home Demolition Loan amount to $15,000 <br /> <br />Recommendation <br /> <br />City staff recommends that the EDA consider Resolution 13-EDA-275 Amending the <br />Mounds View Home Improvement Loan Program. <br /> <br />Respectfully submitted, <br /> <br />___________________________ <br />Heidi Steinmetz, Economic Development Specialist <br /> <br />Attachment – Resolution 13-EDA-275 <br />