|
Home Improvement Loan Committee
The Federal Housing and Community Development Act of 1974
Using money from federal grants, the City Council of Redwood City
has authorized a program of home improvement and assistance with
free counseling and low interest loans to qualified home owners
in certain areas. The goal of the program is to improve housing
and neighborhood conditions.
Rehabilitation not only involves cleanup, fix-up and paint-up activities,
but major work to make structures more safe and comfortable such
as the installation of up-to-date electrical, mechanical and plumbing
equipment. The result is improved housing, more attractive neighborhoods
and a halt in the deterioration of older homes.
Following inspections of qualified homes, a report will be provided
on repairs needed and estimated cost. Housing improvement advisors
will assist applicants to complete the necessary paperwork and select
reputable contractors. Inspections will be made to insure the quality
of the work.
The duty of the Loan Committee will be to receive applications
after they have been prepared and processed by the Housing Improvement
Advisor, and consider the following general issues:
- Does the credit information and data support the applicant's
ability to assume the loan requested?
- Should the loan be amortized, and if so, for what term, and
amount of monthly payments?
- Should the loan be deferred, and if so, for what term, and the
amount of interest?
- Other collateral issues which are presented by individual situations
and needs.
- Review any defaults in loan payments and determine appropriate
course of action.
The Committee shall consist of one City Council member (non-voting); one City staff member (non-voting); one Housing & Human Concerns member; and six members being appointed, with recognition of persons having particular experience in or knowledge of banking, lending, title insurance and general contracting.
|
