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Owner-4cc�pied Home Loan Programs <br />� First priority was to look at combining two existing <br />housing loan programs, fhe Re�olving Loan Program <br />and Family Home Ownership Loar� Program <br />� Since one was used quite frequently and the other not <br />too often, the decisaor� was made to combine the <br />programs. <br />� The new program, called t�e Home Improvement Loan <br />Program, wil[ allow for a laan of up to $20;000 <br />{$25,000 if using green methods) at 4% interest to <br />fund qualified exterior and interior improvements on <br />houses greater than 25 years old. <br />Owner-Occupied Home Loan Programs <br />� Onfy hauseholds tha� are at or befow 120% of <br />the area median income ($97,000 for a family <br />of four} are eligible for the program <br />To�al funds for the new program will include <br />the balances o� the two existing programs as <br />well as doilars from the 2008 HRA levy and <br />wiil total approximately $299,000. <br />5 <br />