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2 <br /> <br />origination fee). Interest rates vary by project and borrower, but have ranged from 2 - 7%. Mr. <br />Ittelson, the Executive Director of CHF, is happy to offer advice as we go forward, and CHF <br />would be interested in partnering with us on projects, though their requirements may be more <br />stringent than our requirements, as their seed money came from the State Historical Fund. <br /> The City of Fort Collins, Colorado, offers a limited Rehabilitation Loan Program for <br />local landmarks. http://www.fcgov.com/historicpreservation/applications.php Amounts of up to <br />$7,500.00 may be borrowed at 0% interest. No monthly payments are due, but any remaining <br />balance is due if the property is transferred or sold. Loans are provided only on a reimbursement <br />basis once eligible work has been completed, and are subject to a 50% match requirement. Loans <br />are approved by the City’s Landmark Preservation Commission, and are administered by <br />Funding Partners. http://www.fundingpartners.org/ <br />There are many other examples of historic preservation revolving loan funds, including in <br />Providence, RI (http://www.revolvingfund.org/about.php), Virginia <br />(http://www.apva.org/revolvingfund/), Savannah, GA (http://www.myhsf.org/revolving-fund/), <br />New Jersey (http://www.njht.org/dca/njht/programs/rlf/), Dubuque, Iowa <br />(http://www.cityofdubuque.org/index.aspx?NID=773), New Mexico <br />(http://www.nmhistoricpreservation.org/programs/mainstreet.html), Oregon <br />(http://www.oregonlaws.org/ors/358.666) and other communities. A very local successful <br />revolving loan program, though not for historic preservation, is the Boulder County EnergySmart <br />program. http://www.energysmartyes.com/ Although the program encompasses more than just <br />loans, low-interest loans for qualifying energy improvements to residential and commercial <br />structures is a major component of EnergySmart. https://elevationscu.com/energyloans <br /> One issue that may have held up consideration of the loan program in the past was <br />concern about staff time and expertise in administering loans. However, more research has <br />indicated that other programs rely on outside entities, such as CHFA or Finding Partners, to <br />handle the more technical aspects of the loans. There are a number of entities that could provide <br />this service, including potentially local banks. <br />We have drafted a potential resolution for your review, outlining the bare bones of our <br />vision of a revolving loan program. We look forward into entering into a discussion with you <br />regarding how you envision the program might work, and fleshing out details. Particular details <br />which need to be discussed, and for which we would like your direction, include: <br /> <br />1) Whether or not a standard interest rate should be applied, or whether the interest rate <br />would be determined at the time of the approval. <br />2) The length of time in which loans could be outstanding. <br />3) Whether loans could only be awarded within a given range (i.e. $5000 to $50,000), or <br />whether the amount should be determined on a case-by-case basis with no <br />presumptive range, or perhaps as a percentage of the value of the property. <br />4) Whether the City would require a subordination agreement with any mortgage <br />holders. <br />5) If the recipient of the loan defaults, how would enforcement of the lien be handled? <br /> <br /> <br />Thank you for your consideration of this important tool for the preservation of the <br />character of our community. <br />13