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. ? ? <br />• ORD. N0. 92-108 <br />. PAGE 2 <br />(e) The requested loan must exceed $2,500 and the <br />subsidy will apply to only the first $25,000 <br />borrowed. <br />(f) The City's subsidy is limited to the first <br />2%2% of interest paid and to a period of two <br />years. <br />(g) Applications will be considered in the order <br />received by the Housing Officer and all the loans <br />in the subsidy program shall not exceed an <br />aggregate principal amount of $500,000 including <br />outstanding loan principal balances as of April <br />lst of each year for approved loans carried over <br />from preceding years. <br />(h) Applications shall be filed with the Housing <br />Officer on an form prescribed by the Housing <br />Officer which shall include at a minimum: <br />1. Name and address of applicant, <br />2. Number of persons in applicant's household <br />3. Applicant's household income for the prior <br />calendar year, <br />4. The address of the property to be <br />improved, <br />5. A description and an estimated cost of the <br />improvement, <br />6. The amount of the loan to be requested, <br />and <br />7. A certification by the applicant that, to <br />the best of his knowledge, the facts <br />represented in the application are <br />reasonable and correct. <br />SECTION 3: The Home Improvement Loan Interest Subsidy <br />Program shall begin on or after September 15, 1992 and each <br />subsequent program year shall begin April lst. <br />SECTION 4: That this ordinance is hereby declared to <br />be an emergency measure necessary for the preservation of <br />the public health, safety and welfare, and for the further <br />reason that it is immediately necessary to protect the <br />health and safety of city residents from lighting nuisances, <br />and further provided it receives the affirmative vote af <br />two-thirds of all members of Council, it shall take effect <br />and be in force immediately upon its passage and approval by <br />the Mayor.