G106-04 Ordinance No.G106-04
AN ORDINANCE
AMENDING CHAPTER 2.30 OF THE ELGIN MUNICIPAL CODE, 1976, AS AMENDED,
ENTITLED "RESIDENTIAL REHABILITATION PROGRAM"
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS:
Section 1. That Chapter 2.30 of the Elgin Municipal Code, 1976, as amended, entitled
"Residential Rehabilitation Program"be and is hereby further amended by amending Subsection C
of Section 2.30.050 entitled "Owner Occupied, Single-Family Dwelling Rehabilitation Grant
Program"to read as follows:
"C. Grants: The amount of any grant shall be determined by the
community development manager or his or her designee in accordance with the
residential rehabilitation program eligibility guidelines.
1. Applicants with household incomes meeting the section 8
extremely low income and very low income guidelines may qualify for a one
hundred percent (100%) grant not to exceed fifteen thousand dollars
($15,000).
2. Applicants with household incomes meeting the section 8 low
income guidelines may qualify for a one hundred percent(100%)grant not to
exceed ten thousand dollars ($10,000)."
Section 2. That Chapter 2.30 of the Elgin Municipal Code, 1976, as amended, entitled
"Residential Rehabilitation Program"be and is hereby further amended by amending Subsection C
of Section 2.30.060 entitled "Rental Residential Property (1 to 4 Dwelling Units) Rehabilitation
Loan Program"to read as follows:
"C. Zero Interest Forgivable Loans: The amount of any zero interest
forgivable loan shall be determined by the community development manager or his or
her designee in accordance with the residential rehabilitation program eligibility
guidelines.
1. Applicants may qualify for a zero interest forgivable loan not
to exceed ten thousand dollars($10,000) for each rental residential property
provided the applicant's actual costs incurred in meeting the requirements of
the property maintenance code for completing the exterior repairs identified
in the agreement match or exceed the amount of the loan. An appropriate
security interest in the full amount of the loan in favor of the city, and in a
form as approved by the city, shall be recorded against the title of the rental
rbk residential property for which the loan is granted provided the city's security
interest is subordinate to not lower than a second position on the record title
to the rental residential property. Zero interest forgivable loans shall be
forgiven after five(5)years from the completion date of the improvements,as
determined by the community development manager or his or her designee,
provided the applicant retains ownership of the rental residential property
during that five (5) year time period. Should the applicant relinquish his or
her ownership interest in the rental residential property during the five (5)
year term of the zero interest forgivable loan,the balance of the loan shall be
repaid on a prorated basis of that five (5) year term at the time such
ownership interest is relinquished."
Section 3. That all ordinances or parts of ordinances in conflict with the provisions of this
ordinance be and are hereby repealed.
Section 4. That this ordinance shall be in full force and effect upon its passage and
publication in the manner provided by law.
Ed Schock, ayor
Presented: December 15, 2004
Passed: December 15, 2004
Omnibus Vote: Yeas: 6 Nays: 0
Recorded: December 16, 2004
Published:
Attest:
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Dolonna Mecum, City Clerk