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Item No: 7B Meeting Date: Nov. 22, 2010 Type of Business: EDA Administrator Review: ____ City of Mounds View Staff Report To: Economic Development Authority Cc: Economic Development Commission From: Heidi Steinmetz, Economic Development Specialist Item Title/Subject: Resolution 10-EDA-262 Approving Criteria for the Mounds View General Home Repair Loan Background Over the past several months, the EDA/City Council has been discussing developing a home improvement loan program to replace the EDA’s existing Housing Replacement Program. To date, the EDA/City Council has reviewed the proposed loan criteria on September 27, October 25, November 1 and November 8. Discussion Attached is a revised version of the draft criteria for the General Home Repair Loan based on input from the EDA’s November 8th meeting. Below is a summary of those revisions: • Under Loan Term, “Or if the property ceases to be owner-occupied” language was replaced with “whichever occurs first”. • The Loan Term was changed from 15 years to 10 years. • Under Eligible Repairs, “Energy efficient” and “Interior repairs are allowed only if they are related to life safety of the residents and required by Mounds View’s Code Enforcement Officer” language was added. Recommendation City staff recommends that the EDA approve Resolution 10-EDA-262 Approving the Criteria for the Mounds View General Home Repair Loan. After this approval, city staff would begin marketing the program for a program launch in January 2011. After the EDA finalizes the criteria, Suzanne Snyder and Marie Malrick will discuss underwriting fees with City staff and then City staff would present the information to the EDA at a future meeting. Respectfully submitted, ____________________________ Heidi Steinmetz, Economic Development Specialist Attachments • Mounds View General Home Repair Loan Criteria • Resolution 10-EDA-262