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REDA Meeting <br /> Minutes—Monday,May 15,2023 <br /> Page 3 <br /> did not want it to be something that makes the applicant think this may not make <br /> them eligible. <br /> Ms. Kelsey indicated she would make a note of that. <br /> President Roe offered an opportunity for public comment with no one appearing <br /> to speak to this issue. <br /> Etten moved, Groff seconded, adoption of REDA Resolution No. 115 entitled, <br /> "Resolution Approving a Small Business Loan Program and Authorizing Staff <br /> To Administer Said Loan Program." <br /> Ayes: 4 <br /> Nays: 0 <br /> Motion carried. <br /> c. Consider Replenishment of Funds for Various Home Loan Programs <br /> Housing & Economic Development Program Manager Jeanne Kelsey provided <br /> a brief summary of this request as detailed in the staff report and attachments <br /> dated May 15, 2023. <br /> Member Strahan wondered given the changes in the market has staff considered <br /> moving the three percent interest rate back up to the four percent that it had been <br /> originally. <br /> Ms. Kelsey explained the reason it was lowered from four percent to three <br /> percent was not due to the market, it was due to covering the costs associated <br /> with what it cost to administer the loans because there is a monthly cost <br /> associated with each loan for CEE to monitor them so the three percent is <br /> covering the cost, the overhead for CEE so that all the loans will pretty much <br /> break even for the amount that is being paid back. If there is consideration that <br /> the EDA wants a higher interest rate based upon the marketplace that is a <br /> consideration the EDA can give staff <br /> Member Strahan asked if staff knew what the long-term plan is for the County <br /> on its first generation home buyer down payment assistance program. <br /> Ms.Kelsey explained the County is currently using its HRA levy funds. As long <br /> as the County keeps on levying the County will keep on budgeting for this. <br /> Member Etten indicated it was mentioned that the State was considering <br /> legislation for first time programs. He asked if there were any details on what <br /> the proposals are for that program. <br /> Ms. Kelsey explained it was her understanding this is one time funding that the <br /> Legislature is looking at putting into the program of one million dollars and if it <br />