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?.? ..? <br />a <br />CITY OF NORTH OLMSTED <br />ORDINANCE N0. 92-108 <br />BY: Mayor Boyle <br />AN ORDINANCE ESTABLISHING THE CRITERIA, RULES AND <br />REGULATIONS FOR THE HOME IMPROVEMENT LOAN INTEREST <br />SUBSIDY PROGRAM, AND DECLARING AN EMERGENCY. <br />WHEREAS, Ordinance No. 92-52 established a Home <br />Improvement Loan Interest Subsidy Program; <br />WHEREAS, Section 6 directs the North Olmsted Housing <br />Council to make recommendations to Council concerning the <br />criteria, rules and regulations to be established for the <br />Home Improvement Loan Interest Subsidy Program; and <br />WHEREAS, Council wishes to adopt the criteria, rules <br />and regulations for the Home Improvement Loan Interest <br />Subsidy Program as recommended by the North Olmsted Housing <br />Council; <br />NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE <br />CITY OF NORTH OLMSTED, CUYAHOGA COUNTY, OHIO, THAT: <br />SECTION 1: This Council hereby adopts the criteria, <br />rules and regulations for the Home Improvement Loan Interest <br />Subsidy Program as recommended by the North Olmsted Housing <br />Council. <br />SECTION 2: The criteria, rules and regulations <br />recommended by the North Olmsted Housing Council are: <br />(a) The program is open to low to moderate <br />income households using the Section 8 guidelines <br />in effect as of April lst of each year. <br />(b) The residential structure being improved <br />must be at least ten years old. <br />(c) The applicant must remain the resident owner <br />of record during the two year period of the <br />subsidy. <br />(d) Final application approval will be granted <br />upon receipt of the loan approval and a <br />certification of household income from the <br />lending institution and the granting of required <br />permits by the City of North Olmsted.