RECOMMENDATION(S):
APPROVE and AUTHORIZE forgiveness of $364,011 of Neighborhood Preservation Program loans made to owner/occupants of mobile homes as recommended by the Conservation and Development Director.
FISCAL IMPACT:
No impact to the General Fund. All loans were made with 100% federal funds. (CFDA 14.218)
BACKGROUND:
The Department of Conservation and Development administers the Neighborhood Preservation Program (NPP). NPP provides low interest loans and grants to low-income households who own and occupy their homes. Funds are used to eliminate conditions that are detrimental to health and safety and to make modest improvements to homes. Recipients are only required to make payments on the loan under certain circumstances, such as income growing above specified levels or if the home is sold. It is common for payment to only be made at the time of sale. Payments are matched with new federal dollars and used to make additional loans under the NPP.
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