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Mounds View EDA November 8, 2010 <br />Regular Meeting Page 3 <br /> <br />Vice President Stigney stated the general home loan should be rewritten to ensure that this loan 87 <br />assisted blighted homes. He did not want the City competing with local banks. He suggested the 88 <br />loans. Interior repairs should not be the focus of this program should support efficiency 89 <br />improvements. 90 <br /> 91 <br />Commissioner Mueller stated the applicant’s income was limited within the general home loans, 92 <br />which should limit applications for interior home repairs. 93 <br /> 94 <br />Vice President Stigney requested code enforcement loans have an interest rate. He noted again 95 <br />that the eligible repairs on windows should be energy efficient. 96 <br /> 97 <br />President Flaherty read through a portion of the loan program stating interior repairs are only 98 <br />allowed if they are related to life safety issues of the residents and are required by the code 99 <br />enforcement officers. Economic Development Specialist Steinmetz indicated she could speak 100 <br />with Jeremiah further on this issue. He could attend a meeting to explain these lists with the 101 <br />EDA., the code enforcement official if desired. 102 <br /> 103 <br />Vice President Stigney questioned how long it took to process the emergency loans. Economic 104 <br />Development Specialist Steinmetz noted a loan was completed this past winter, for a Mounds 105 <br />View resident and it was administered very quickly. 106 <br /> 107 <br />President Flaherty was satisfied with the criteria. He requested additional information from 108 <br />GMHC and the services they would provide. He suggested holding off on the marketing of the 109 <br />program hold off until January as he did not want the City to get the cart before the horse. Once 110 <br />the City had better knowledge of the fees and services provided by GMHC, the program could be 111 <br />advertised. 112 <br /> 113 <br />Commissioner Mueller requested the loan term on Page 3 be reduced from 15 years to 10 years. 114 <br />She questioned if it was necessary for a homeowner to apply for two different types of loans at 115 <br />the same time. Economic Development Specialist Steinmetz indicated this language could be 116 <br />removed from the criteria. Commissioner Mueller asked that it be omitted. 117 <br /> 118 <br />Commissioner Mueller suggested each loan state that a property owner only be eligible for one 119 <br />loan noting she would like to see as many residents benefit from this program as possible. 120 <br />Executive Director Ericson felt this was a reasonable request, especially given this was a one 121 <br />year pilot program and adjustments could be made if necessary. 122 <br /> 123 <br />President Flaherty indicated this program was designed to meet the needs of the community as 124 <br />residents have approached GMHC for funds. The criteria were specific based on the Mounds 125 <br />View residents to assist with those that could benefit from a home improvement loan. 126 <br /> 127 <br />Vice President Stigney requested each loan be voted on separately as he opposed several. 128