§99.0701 Eligibility for Loans

(a) Each owner of property located within a residential rehabilitation area is eligible for a conventional RAP loan provided the owner demonstrates to the satisfaction of the City Manager the ability to repay such a loan, applies for the loan within a time period to be designated by the City Manager, and can meet the other requirements of this chapter. The property owner shall agree to all conditions of the loan agreement as a prerequisite to obtaining a loan. No elected officer of the state or any of its subdivisions shall be eligible to receive a loan under the provisions of this chapter.

(b) Any owner who is denied a loan by the City Manager on the ground that the owner and/or property does not meet the eligibility requirements may appeal the decision to the Loan Committee. The Loan Committee shall review the application for a loan and make a recommendation regarding approval or denial to the City Manager. In reviewing the application, the Loan Committee shall give due consideration to the need for the loan to be made in order to accomplish the purpose of the program, the risks to the City of granting the loan, and the ability of the property to support the loan as well as to the reasons for denial of the application by the City Manager. If the City Manager does not accept the recommendation of the Loan Committee, he or she shall give written reasons for the refusal to approve the loan.

(“Eligibility for Loans” added 1–23–1975 by O–11483 N.S.)