92-052 Ordinance - Laserfiche WebLink

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-2- with the City in accordance with Section 4 hereof to the resident owner or owners of record of such residential real property. The improvements to be made shall be real property improvements. (b) The interest subsidy provided shall be equal to or less than 3%, as determined in accordance with the eligibility criteria described in Section 3 hereof. (c) The interest subsidy shall be provided for a period equai to the lesser of (i) the term of the loan or (ii) 24 months. (d) The interest subsidy may be granted for all or a portion of the principal amount of a loan; provided that the principal amount with respect to which interest subsidies are granted to each resident owner shall not exceed (i) $50,000 for that owner during each calendar year and (ii) $250,000 for that owner during the life of this program. (e) Interest stibsidies sha.il be provided on a first-come, first served basis to residents who meet the eligibility criteria to be established as described in Section 3, to the extent that moneys not raised by taxation are appropriated by Council for such purpose in accordance with Section 4 hereof. Section 3. Interest subsidies granted under this Home Improvement Loan Interest Subsidy Program shall be payable from interest earnings on investrnents in tYie Generai Fund or other funds designated by Council and invested specificaily to fund the Home Improvement Loan Interest Subsidy Program. No interest subsidy shall be paid from moneys raised by taxation and the City's general obiigation and full faith and credit shall not be pledged to the payment of any interest subsidy, unless the City has first complied with the requirements set forth in Section 176.04 of the Revised Code for the City to issue general obligations or expend moneys raised by taxation to provide, or assist i.n pr-oviding, liousing pursuant to Article VIII, Section 16 of the Ohio Constitution. Section 4. The Cii;y's obligation to pay interest subsidies under this fiome Improvement Loan Interest Subsidy Program is subject to annual apropriations. After the first year during which the City has paid interest subsidies, the City shall not appropriate moneys for new interest subsidies during each year until it has first appropriated moneys to continue the interest subsidies approved during the immediately preceding year through the remainder of ttie Reduced Rate Period applicable to those interest subsidies. Section 5. The Home Improvement Loan Subsidy Program shall be administered in such a manner so that the City does not encourage, contribute to or participate in an unlawful discriminatory practice under Division (H) of Section 4112.02 of the Ohio Revised Code, as amended from time to time, or discriminate against families with children. , __