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, r <br /> COMMiTNITY DEVELOPMENT MEMOR.ANDUM <br /> NO. 93-68 <br /> May 10, 1993 <br /> MEMO TO: Honorable Mayor Erik C. Brechnitz and <br /> City Council Members <br /> FROM: James C. Bacon Jr. , City Manager <br /> George C. Weaver, Community Development Acting Director� � <br /> Bridget Hogan, Community Renewal Administrator <br /> SUBJECT: Home Mortgage Revolving Loan Program <br /> The Home Mortgage Revolving Loan Program, begun in 1990 through <br /> Agreements between City Council and five local financial <br /> institutions, has invested mortgage funds of $633, 987 into <br /> thirty-three (33) houses in two targeted areas within Decatur' s <br /> inner city neighborhoods. A compilation of projects per <br /> financial institution is attached for review, along with an <br /> updated description of the program. <br /> Since the initiation of the program, interest rates have dropped <br /> on conventional mortgage loans . The participating financial <br /> institutions have agreed to lower the interest rates charged on <br /> the Program, and each chose a rate ranging from 7o to 8 1/2% for <br /> the duration of the new two year contract . The City' s interest <br /> rate would remain at 4%. <br /> Upon Council approval, the attached resolution authorizes new <br /> signed Agreements at the interest rates specified. <br /> /sgk <br />