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HomeMy WebLinkAboutRPT 5 CDBG HOME IMPROV 10-1-84 REPORTS NO. 5 10-1-84 .. Inter-Corn FROH: sUBJECT: HONORABLE-MAYOR AND CITY COUNCIL COMMUNITY DEVELOPMENT DEPARTMENT STATUS REPORT CONCERNING CDBG HOME IMPROVEMENT .LOAN PROGIL~ DISCUSSION: The City of Tustin participates with the County of Orange in applying for annual Community Development 81ock Grants from the Federal Housing and Urban Development Department. During the past three years, we have applied fbr and received grant funds for residential rehabilitation home improvement loans. These loans are offered at low interest rates secured by second trust deeds. At the last City Council meeting, Councilman Edgar requested a status report concerning the amount of funds loaned to date. In the fiscal year 82/83 the City was granted $50,000, in 83/84 we were granted $75,000, and in 84/85 we have been authorized and will soon receive an additional $25,000. Overall, for the past three years the 8th, 9th and 10th year of CDBG program funding,' Tust$n has been given $150,000. While last year the majority of these funds had not bee applied for by Tustin residents, it appears as of this date they have all been committed. Last spring, the Community Development Department commenced a public awareness program advertising the loan program in both the "Tustin Today" newsletter and an announcement on private property water bills. The program is now overwhelmingly successful to the extent the County of 0range is provided additional funds without obligation to the City to meet the Tustin demand. Since our application for 11th year grant funds is due this October for funding in 1985, we will probably seek a sizable 9rant to accommodate Tustin property owners. RECOMMENDATION: Receive and file. DONALD D. LAMM,'~ Director of Community Development DDL:do