Columbus, Georgia

HOME PROGRAM STATUS

AS OF 1/24/03





Down Payment Assistance Program:



? Assisted to date 63 Citizens with Home Purchase - $315,000

? Funds remain for 42 additional down payments - $210,000

? Total FY 03 Funding 105 down payments - $525,000.



Home Owner Rehabilitation Program:



? Program was shut down for over a year.

? Council approved policies September 2002.

? September 2002, 145 applicants on waiting list.

? File review resulted in finding ineligible applicants, applicants had passed,

and applicants had received prior assistance.

? Currently there are 96 active applicants remaining on the list.

? FY 03 Funding 16 loans at $30,000 each - $480,000



Status of the 16 active loans:



? Currently 8 applicants with clear titles are getting estimates for repairs (2

of these will be loans one 1% and 1 3%).

? Owner to get three estimates, choose a contractor, preparation of closing

documents and then begin rehabilitation.

? Currently 8 applicants have title concerns and are in the process of clearing

those issues before we can proceed.



Rental Rehabilitation Program



There have been no interested parties since this program is now a low interest

loan. The interest rate would be 65% of prime rate at the time of closing.

FY 03 Funding 20 units at $20,000 each - $400,000



Staff and the Community Development Advisory Board are now looking at

re-allocation of these funds during the budget cycle to best supply

?affordable? homeownership opportunities to the residents of Columbus, Georgia.



Project Care Program



? This is the Emergency Assistance Program that we have for our elderly and

disabled citizens.

? A maximum of $5,000 and is just to assist with emergency needs (new roof,

handicapped ramp, plumbing, etc)



This program was also completely shut down for over a year.



? Current activity - 21 people in various stages of receiving assistance

? 4 completed.



Our Goal is to assist 30 Citizens this fiscal year