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Redevelopment Authority

Date TBD
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This agenda focuses on a Rental Rehabilitation Revolving Loan Program for RDA Project Area #1. The program aims to improve housing quality, eliminate blight, and encourage private investment in older rental properties within the designated area.

Key Agenda Items:

  • Rental Rehabilitation Revolving Loan Program: Discussion and potential approval of a program designed to provide financial assistance for the improvement of non-owner-occupied rental properties.
  • Program Goals: The program aligns with the City of Monroe Comprehensive Plan 2025-2045 and RDA Area #1 Project Plan, focusing on blight elimination, increasing quality housing, and supporting workforce/affordable rental housing.
  • Financing Options: Two options are being considered:
    • Option A: A low-interest loan (0% or 1-3%) with a portion forgivable. Loan amounts range from $5,000 to $25,000, with a forgivable portion of $2,000-$5,000 after the first year (up to 20% of the total loan). Loans have a 5-10 year term and require a mortgage/lien on the property.
    • Option B: A 1:1 Match Grant with no loan repayment.
  • Budget/Financial Items:
    • A seed fund of $125,000 is proposed.
    • Financial projections indicate that with 5 loans of $25,000 each, and assuming full repayment with 2% simple interest over 10 years, the program could return approximately $120,000 after 10 years.
    • Consideration of the current RDA fund balance and the long-term sustainability of the revolving loan fund.
  • Public Hearings/Votes: While not explicitly stated as a public hearing, the agenda implies a discussion and potential vote on the program's approval and implementation.

Important Details:

  • Eligible Properties: Non-owner-occupied residential properties within RDA Project Area #1.
  • 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, non-residential accessory structures (garages, sheds), home furnishings, appliances, and interior renovations/additions.
  • Public Participation: The agenda does not explicitly detail opportunities for public participation beyond attending the council meeting. Citizens are encouraged to attend and voice their opinions.
  • Implementation Dates/Deadlines: No specific implementation dates or deadlines are mentioned in this portion of the agenda.

This program aims to revitalize rental housing stock within a specific area of Monroe, offering financial incentives to property owners.