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Created: 16 November 2018

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Journal Patriot - Housing and business loan programs

The board scheduled public hearings on Dec. 4 for two revolving loan programs, one for housing rehabilitation and the other for business repairs and improvements.

Commissioner Debbie Ferguson, who chairs the home loan program, submitted a proposed loan application to the board and said, “We’ve really worked with the intent to simplify this application. The purpose of the program is to preserve existing housing stock, to provide a healthy and suitable living environment for residents and eliminate blighting influences in our residential neighborhoods.”

The home loan program has a budget of $75,000 and would make individual homeowner loans of up to $20,000. The timeframe for repayment of funds is flexible, said Ferguson, and the loans could be used for services such as repainting, roofing, heat and air, insulation and handicapped-accessible entrances and ramps.

“These are things people might have trouble financing through a bank,” she said. “Our intent is not to compete with the bank, but to help people who bring their homes up to a better standard.”

Commissioner Angela Day said the business loan program, which she proposed and chairs, was revamped to give higher priority loans to businesses planning to occupy vacant buildings, types of businesses either not present or under-represented in town (such as a brewery or winery) and retail businesses.

“We’re looking at the business loan program to involve and bring in new businesses, and help current businesses, to make us a more viable, diverse and interesting town,” said Day.