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the Ownership Loan Program. Bennett explai ned that the HRC staff would like to do a <br />marketing blitz regarding the programs but are suggesting a couple of modifications. <br /> <br />1 Ownership Loan Program increase from a limit of $10,000 to $20,000 at 4% <br />interest. The $10,000 amount does not fund much of a renovation project as <br />construction costs rise. The increase amount would make the loan fund more <br />attractive. <br /> <br />2 Family Ownership Loan Program incr ease its size from $25,000 to $35,000 at <br />4% interest, eliminate the valuation criteria and increase the income limit from <br />120% of median income to 130% of median income adjusted for family size. <br /> <br />3 Participate in a marketing blitz in pa rtnership with MHFA and fund 50% of <br />the cost to communicate the programs. <br /> <br />Member Kelsey noted that she would have lik ed to see a copy of the application to <br />understand the existing criteria. She asked how the program is currently being marketed <br />and if it is being marketed to the Realtors . Executive Director Bennett explained that <br />direct mailing was sent to over 2,000 househol ds and that information was put in the <br />housing link that went to a ll households and emailed to bankers and over 100 Realtors. <br /> <br />Member Elkins asked if the funds were fo r rehab only. (yes) Sh e asked if the MHFA <br />would pay for marketing at that high of an adjusted median income. (yes – their <br />programs are marketed too). <br /> <br />Executive Director Bennett noted that another option is to keep the income at 120% of <br />AMI but provide a credit per child to reduce households who income is just above the <br />level to qualify. <br /> <br />Member. Kelsey asked if the marketing efforts could be expanded. <br /> <br />Member Elkins questioned whether Realtors would “buy in” to the programs. She <br />suggested getting brochures to the bankers instead. <br /> <br />Member Bean noted that the last marketing blit z was when interest rates were still low. <br />Now may be a better time with increasing rates. <br /> <br />Member Kelsey noted that she preferred to keep the same 120% AMI and provide a <br />credit per child instead of increasing the AMI. <br /> <br /> <br /> <br /> <br /> <br /> <br />