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7 <br /> ' -City Council Regular Meeting Minutes <br /> September 24, 2002 <br /> Page 6 <br /> 1 Councilmember Thuesen indicated the City wants to help those in need and then asked if there is <br /> 2 a safeguard in place to guard against defaults. <br /> 3 <br /> 4 Ms. Bergman indicated that the loans all go through underwriting and the loans given are all <br /> 5 repayable. She then indicated that loans are only given to credit worthy residents and there are <br /> 6 limited funds available to those with tarnished credit through other sources. She further <br /> 7 indicated that they have had only one or two defaults in the loan program. <br /> 8 <br /> 9 Councilmember Sparks asked what other services are available to residents other than the loans. <br /> 10 <br /> 11 Ms. Bergman explained that they are experts in the housing field and provide an array of services <br /> 12 to assist residents. She then listed a few of the services available. <br /> 13 <br /> 14 Mayor Hodson said he would like to maintain a continued communication effort to keep <br /> 15 residents informed of the services available. He then asked Ms. Bergman to provide information <br /> 16 on the services available to be placed on the City's website. <br /> 17 <br /> 18 Councilmember Thuesen suggested putting contact information in the newsletter. <br /> 19 <br /> 20 Ms. Bergman suggested having a link to their website from the City website. <br /> 21 <br /> 22 Ms. Bergman provided a brochure to Council and noted that the brochure would be updated to <br /> 23 include St. Anthony if the application is approved. <br /> 24 <br /> 25 Mr. Mornson asked if the organization does a mix and match program if someone qualifies for <br /> . 26 the fix up fund before going to the revolving loan fund because the $100,000 would go fast <br /> 27 versus state programs funding. <br /> 28 <br /> 29 Ms. Bergman indicated that she would speak to Staff concerning that. <br /> 30 <br /> 31 Mayor Hodson asked if there was a way to look at using HRA funds or funds from some source <br /> 32 within the investment portfolio that could be directed into this program. <br /> 33 <br /> 34 Mr. Mornson indicated that the$100,000 is proposed to come from HRA funds to start this <br /> 35 program. <br /> 36 <br /> 37 Councilmember Thuesen indicated it is difficult to measure but he feels that boosting <br /> 38 deteriorating areas produces a positive byproduct for the community. <br /> 39 <br /> 40 Ms. Bergman indicated that they do a lot of work through word of mouth because someone does <br /> 41 some rehab and tells the neighbor and whole blocks are rehabilitated. <br /> 42 <br /> 43 Mr. Mornson.asked council to move approval of the revolving loan program of$100,000 from St <br /> 44 Anthony HRA funds. He then said that the City would begin with a$30,000 contribution and <br /> 45 add funds as needed. <br /> 46 <br />