Comment Up
We're getting into the mortgage business but we won't make a dime. We can't even fix a pothole, so why the heck not get into loaning money? Makes a lot of sense.
On the Agenda under New Business is an Interlocal agreement between the City of Lake Worth and the Lake Worth Community Redevelopment Agency.
A Residential Conservation and Rehabilitation Program is being established to provide technical and financial assistance to qualified property owners (with residential structures containing one detached dwelling unit) for the purpose of addressing residential energy analyses and possibly urgent/emergency conditions to meet applicable housing and building code standards.
In addition, the Program may also address issues related to household stability in an effort to reduce homelessness and promote self-sufficiency.
Improvements may include: roofing, electrical, HVAC, plumbing and major structural repairs. If you qualify, a maximum of $20,000 on a 10 year interest free loan can be obtained with the city holding the Mortgage and Promissory note. Over and above they will have three, $10,000 grants that will be awarded to some lucky needy person for costs
such as inspection and risk assessment report fees, clearance testing, lead-based paint hazard reduction or control costs.
The City and the CRA will pay for it. Also they will be seeking grants and donations. $75,000 will come from our Electric Utilities Department. No where does it mention the total estimated cost of this program regarding implementation and constant supervision in a city that has no money. How many residences are they anticipating to be included in this program and how many houses need a lot of help? 5,000. More? Where will all the money come from?
All owner-occupied households that are homesteaded within the City limits may apply for a Conservation Audit Report and technical assistance, while only households earning 120% or less of the Area Median Income (AMI) may be qualified to receive financial assistance and other services.
