Housing Rehabilitation Program on Tap Tuesday for County Commissioners
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Commissioners will approve combining Community Development Block Grant (CDBG) funds with Property Improvement Program (PIP) funds.
Bay County Commissioners come to the table Tuesday at their 4 p.m. meeting with their gloves and lunch buckets.
They'll be poised to approve a program that will pique the interest of hundreds of homeowners whose properties need improving.
If all goes well, commissioners will approve combining Community Development Block Grant (CDBG) funds with Property Improvement Program (PIP) funds for homeowner rehabilitation projects through the Federal Home Loan Bank.
The PIP Plus program provides low-interest loans through Chemical Bank for the repair, improvement and rehabilitation of existing housing, allowing the county to assist more homeowners than it can with existing CDBG funds.
Participating community agents will be compensated $400 for each closed loan which can be returned to the Housing Rehabilitation budget, thus allowing the county to assist even more homeowners.
The Michigan State Housing Development Agency (MSHDA) cap of $35,000 on total project costs can be exceeded through coordination with Bay Area Housing, according to Donald J. Tilley, chairman of the ways and means committee of the county commission.
Frances A. Horgan, Housing Rehabilitation co-ordinator, told commissioners: "There is no risk to Bay County concerning these loans. Bay County is listed as the second mortgage holder and the Federal Home Loan Bank is listed as the third mortgage holder and the loans are forgiven after five years."
Commissioners will act on a resolution proposed by Commissioner Tilley to apply to become a PIP Community Agent and begin working with Bay Area Housing, Inc., to offer loans through the Federal Home Loan Bank.
Among other agenda items, the commission will consider locking in a new three year contract for natural gas with Constellation New Energy. Commissioner Tilley noted in the proposed resolution that the county saved a total of $97,500 compared to standard rates over the past three years.
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"The BUZZ" - Read Feedback From Readers! |
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kotcherd Says:
On June 07, 2010
at 11:52 AM
You spelled Frances last name incorrectly. It's Horgan.
*******Correction to spelling has been made. |
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Dave Rogers |
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