HomeMy WebLinkAboutRes 38-90 09/04/1990 RESOLUTION NO. 38-90
A RESOLUTION INCREASING THE MAXIMUM LOAN AMOUNT FOR
THE COMMUNITY DEVELOPMENT BLOCK GRANT FUNDED
SINGLE FAMILY HOUSING REHABILITATION LOAN PROGRAM
WHEREAS, the Village of Mount Prospect has operated a Single Family Housing
Rehabilitation Loan Program for the past nine years offering lower income homeowners a
zero percent interest loan for correcting housing Code violations and weatherizing their
property, and
WHEREAS, the maximum loan amount for this program has been fifteen thousand
dollars ($15,000.00) for the past nine years, and
WHEREAS, the cost of rehabilitating these homes have increased due to inflation
and the aging of the housing stock.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES
OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: The Mayor and Board of Trustees of the Village of Mount
Prospect hereby approve increasing the maximum loan amount for its Single Family Housing
Rehabilitation Loan Program, funded with Community Development Block Grant funds, to
twenty-five thousand dollars ($25,000.00).
SECTION TWO: This resolution shall be in full force and effect from and after its
passage and approval in the manner provided by law.
A~rES: Arthur, Busse, Corcoran, Van Geem, Wattenberg
NAYS: None
PASSED this 4th day of September ,1990.
APPROVED this 4th day of q~.nf~mh~v , 1990.
A~T: ~ ~ t MA~t'O~