Fiscal Note
The proposed resolution amends the Greenbush Housing Renovation Program in Tax Increment District #43 (Park-Drake) in order to clarify Program Eligibility. There is no fiscal impact.
Title
Amending Resolution 15-00343 and authorizing an Amendment to the Greenbush Housing Renovation Program in Tax Increment District #43 (Park-Drake) in order to clarify Program Eligibility.
Body
WHEREAS, on August 5, 2014, the Common Council adopted Enactment No. RES 14-0057 that authorized the creation of the Greenbush Housing Renovation Program (“Program”), which was subsequently amended by RES 15-00343 on April 21, 2015 (the two resolutions together are referred to as the “Resolutions”); and
WHEREAS, the language of the Program as stated in the Resolutions has caused confusion as to eligibility; and
WHEREAS, the City has been faced with a variety of applications that present difficulty in managing the program with consistency; and
NOW, THEREFORE, BE IT RESOLVED that RES 15-00343 and the Program are hereby amended as follows:
Paragraph 2 entitled “Program Definition” is amended to read as follows:
2) Program Definition: Provide forgivable loans for the purchase and/or renovation of a rental property ("Property") that:
· Are located within the TID# 43 (Park/Drake) expenditure area
· Will have no more than three (3) dwelling units after renovation
· Borrower agrees that at least one (1) unit will be used as Borrower’s principal residence within twelve (12) months of loan closing. Or the subject property is sold to owner occupant buyer within twelve (12) months from initial loan closing
· A resident who currently owner occupies a property may apply for the program after a twelve (12) month period of the subject property not being their principal residence.
· Have a land use restriction agreement (LURA), Note, Small Cap TIF Loan Agreement and subordinated mortgage to ensure owner-occupancy for ten (10) years
· Will not be used for any non-residential commercial pu...
Click here for full text