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To: Economic Development Commission Members <br /> From: Steve Dorgan, Housing Inspector H{NORAIiDUM <br /> Subject: Interest Subsidy Home Improvement Loan Program 5141- <br /> Date: June 25, 1998 <br /> BACKGROUND <br /> At the EDC meeting in May, the commission directed staff to prepare a final draft of guidelines <br /> for the proposed Interest Subsidy Home Improvement Loan Program. Attached are interest <br /> subsidy program guidelines for both Market Rate Home Improvement Loans and MHFA Home <br /> Improvement Loans. Since the last meeting, the city received notification from the Minnesota <br /> Housing Finance Agency that the city's application for participation in the Community Fix-up <br /> Fund was approved. Participation in this program will allow more homeowners within the city <br /> to access low interest rate home improvement loans. <br /> RECOMMENDATION <br /> Approve Resolution 98-EDC-25 recommending the Economic Development Authority consider <br /> the approval of a city sponsored Interest Subsidy Home Improvement Loan program approving <br /> the proposed"Loan Guidelines"and by allocating $75,000 in tax increment funds for the <br /> program. <br /> Steve Dorgan, Hou Inspector <br /> 717-4023 <br /> Attachments: Exhibit A- Market Rate Interest Subsidy Program Outline <br /> Exhibit B - MHFA Interest Subsidy Program Outline <br /> Exhibit C -Resolution No. 98-EDC-25 <br /> NADATA\GROUPSWOMDE1AHOUSING\HOMELOAMEDC6 25.98 <br />