Redevelopment Authority

Date TBD

This meeting agenda focuses on a Rental Rehabilitation Revolving Loan Program for RDA Project Area #1.

RDA Project Area #1 Rental Rehab Revolving Loan Program: Discussion and potential approval of a program designed to improve housing quality, eliminate blight, and encourage private investment in older rental properties within a specific area.
Program Goals: The program aims to align with the City of Monroe Comprehensive Plan 2025-2045 and RDA Area #1 Project Plan.
Public Hearings/Votes: While not explicitly stated as a public hearing, the agenda implies a decision-making process for this program.
Budget/Financial Items:
- Discussion of a $125,000 seed fund for the program.
- Consideration of loan terms including 0% or 1-3% interest rates, loan amounts from $5,000-$25,000, and loan forgiveness of $2,000-$5,000 after the first year (or 20% of the total loan).
- Analysis of financial projections, including total repayment amounts and potential fund balance sustainability.

Eligible Properties: Non-owner occupied residential properties within RDA Project Area #1. Property owners must be current on all city obligations and have owned the property for at least 18 months.
Eligible Uses: Exterior and structural improvements, health and safety upgrades, energy efficiency, accessibility, property code compliance, and Accessory Dwelling Units (ADUs).
Ineligible Uses: Luxury improvements, landscaping, non-residential structures, and interior renovations/additions.
Financing Options: Two options are presented:
- Option A: Low-interest loan with a portion forgivable.
- Option B: A 1:1 match grant with no loan repayment.
Public Participation: While not explicitly detailed, citizens are encouraged to attend council meetings to voice their opinions on agenda items.
Implementation/Deadlines: No specific implementation dates or deadlines are mentioned in this portion of the agenda.