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<br />Item No: 7A <br />Meeting Date: October 8, 2012 <br />Type of Business: EDA <br />Administrator Review: ____ <br />City of Mounds View Staff Report <br /> <br />To: Economic Development Authority <br />From: Heidi Steinmetz, Economic Development Specialist <br />Item Title/Subject: Resolution 12-EDA-273, Amending General Home Repair <br />Loan Criteria <br /> <br />Background <br /> <br />On November 22, 2010, the EDA approved the Mounds View Home Improvement Loan <br />Program as a one-year pilot program, which consists of the following four loan types <br />available to Mounds View residents: <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 Repair Up to $10,000 3% Fixed <br />Emergency Deferred Up to $7,000 0% Deferred <br /> <br />On December 12, 2011, the EDA authorized a one-year extension of loan program through <br />2012 and increased the program’s loan-to-value ratio to 110%. <br /> <br />In June 2012, the EDA expanded the “General Home Repair” loan criteria to include <br />unimproved driveways as an eligible project. <br /> <br />Discussion <br />At the October 1, 2012, Work Session, the City Council discussed the following additional <br />amendments to the “General Home Repair” loan: <br /> <br /> Change the name of the “General Home Repair” loan to “General Home <br />Improvement” loan to clarify the intent of the loan, which is to enhance and improve <br />a property’s livability and value <br /> <br /> Add bathroom and kitchen remodels to the list of eligible improvements <br /> <br /> Add the following clarifying language to the paragraphs that address eligible repairs <br />and improvements: The General Home Repair Program makes funds available to <br />improve the exterior and/or interior of the property. Eligible work may correct health <br />and safety items, increase handicap accessibility, reduce long-term maintenance <br />and energy costs or improve the livability of the home Eligible improvements include <br />but are not limited to the following examples: <br />