WPCC board to vote on reallocating NRP funds for home loan programs

The Waite Park Community Council (WPCC) intends to vote on a proposed NRP plan modification at its Nov. 30 regular board meeting.

At its Oct. 26 board meeting, members expressed interest in reallocating $14,909.59 in unspent funds from various strategies in its NRP Phase 1 budget for use instead on its home loan programs.

WPCC offers two home improvement loan programs in partnership with the Center for Energy and Environment (CEE). The first provides low-interest loans up to $15,000 to income-qualifying property owners. The other offers no-interest emergency loans of up to $5,000 that are forgiven if the owner continues to own and occupy the property for 5 years.

The programs have seen an uptick in use this year with five loans being issued. The budget that had been allocated to cover CEE’s annual contract fee is now depleted, and the board must allocate at least $2,500 in additional funding by December or else the program will sunset at the end of the calendar year.

As of last month, the WPCC home loan program has $16,601.32 remaining to loan for general home improvements, and $15,507.00 for emergency loans. It also had $3,247.87 to cover origination fees, but $0 left for annual contract fees. As loans are repaid, the money becomes available to spend on general WPCC programming and expenses.

At its Oct. 26 board meeting, members identified the unspent NRP Phase 1 money has a good source to continue funding the successful neighborhood home improvement loan program. Prior to voting on an NRP plan modification, neighborhood organizations must provide at least 21 days public notice.

If you have questions or comments for the board, you may email board@waiteparkcc.org, leave a voice mail at (612) 470-0861, or attend the Nov. 30 board meeting, 7pm at the Waite Park Recreation Center, 1810 34th Ave. NE.