HomeMy WebLinkAboutMiscellaneous Correspondence 1985-10-10SPRINGFIELE,
CIIY OF SPRINGFIELD
Department of Public Works 1885- l 985 Sprinsfield Centennial year
10 0ctober 1985
Robert B. Foster
1995 N. sth St.
Springfieldi 0R 97477
Re: Substantial Home Rehabilitation Loan Program Eligibility
You haye been found to be ineligible for this prograrn for the following reasons(,s):
You do not haye enough equity in your house,
Section 3.020 of the ProEram Policy Document statesl t*The total indebtedness
against a property shall not exceed 85 percent of the property\s va'lue, nor shall
the total indebtedness, inc]uding the proposed Rehabilitatfon Loan and loan fee,
exceed the staff's estirnate of the property's va'lue after completion of the re-
habilitation wo,k. If the app'licant di'sagrees with the staffus estimate of the
property's yalue, an appraisal paid for by the app'licant may be accepted by thestaff. Howeyer, if the loan is Eranted, the cost of the appraisal can be added
to the loan and loan fee
t ) Your gross i.ncome i,s too hrlgh.
The following ris taken from the appendi-x of the Program Po'licy Document:
Household size Annual incone ltonthly income
( ) Ybur property is not within the City of Springfield.
(x) Needed repairs to your home exceed the program's $15,000 limit.
If you have any questions regarding why you were not found to be eligible
for this prograrn, p'lease call me at 726*3684
()
Si ncerely,:., ,(!"..la
.ft/./:2arfY. (
Bil I Schalb
F.lousing Rehabil itation Spec'iaf i st
225 North Sth Street o Springfield, Oreqon97477 o 503/726'3753