Neillsville City Council Approves Housing Loan
Thursday, February 27th, 2014 -- 8:18 am
Posted by Riley Hebert-News Director
-The Neillsville City Council approved a housing loan on Tuesday.
The loan was first brought up at a Grants Committee Meeting held on Monday. Lori Artz, a Rehab Specialist for Chippewa County Housing Authority and Management Agent for the Clark County Housing Authority, informed the committee that there were two loan applications for review and Neillsville had $54,694.80 available in funds on hand to loan out.
The committee looked over application #2014-01-NR which indicated that the total loan cost, with closing costs, is $18,167 which put the applicant into negative equity. This loan was rejected due to the large negative equity balance.
The committee looked over the next application, #2014-02-NR. The total loan cost, with closing costs, for this one came to $14,073. It was also noted that the basement portion of this home was included in the inspector’s estimate, which came to $6,600, but the exact number couldn’t be determined until Spring when it leaks.
Finally, the committee and common council approved a loan that wouldn’t exceed $24,999, which is a rule of the committee, to applicant #2014-02-NR. The applicant will use that money for the roof, chimney, electric, plumbing, the front door, the basement and closing costs.