HomeMy Public PortalAbout1983_01_12_R003RESOLUTION NO.
A RESOLUTION:
SECTION I.
revised to read:
Sec. 1.3.
TOWN OF LEESBURG
IN
LOUDOUN COUNTY, VIRGINIA
PRESENTED January 12, 1983
83-3 ADOPTED January 12, 1983
AMENDING THE LEESBURG COMMUNITY DEVELOPMENT REHABILITATION PROGRAM
GUIDELINES
RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
Paragraph 1.3 of the Rehabilitation Program Guidelines is
Ownership.
a. The unit must have been owned and occupied by the applicant at least
one year prior to the date of application for any grant or reduced-principal
loan. There is no occupancy requirement for the market-rate loan program.
b. Investors who place their unit under the Section 8 Moderate Rehabilita-
tion Program or agree to increase their rent no more than five percent per year
for five years are eligible for reduced-principal loans.
SECTION II. Paragraph 3.1 of the Rehabilitation Program Guidelines is
revised to read:
Sec. 3.1. Grant Amount.
The maximum grant amount is $10,000. The Loudoun County Housing Office is
authorized to increase the grant amount by ten percent up to a maximum of $11,000
in order to correct health and safety violations discovered after work is begun.
SECTION III. Paragraph 3.2 of the Rehabilitation Program Guidelines is
revised to read:
Sec. 3.2. Reduced-Principal Loan Amount.
The town will reduce the effective interest rate on these loans according
to the owner's ability to repay, provided that no principal reduction shall ex-
ceed $5,000.
PASSED this 12th day of
ATTEST:
Clerk of C~cil
January , 1983.
Town of Leesburg