City Council
Agenda — 1 item
- RESOLUTION - A Resolution of Eagle Mountain City, Utah, Establishing a Mortgage Assistance Program.<br><br>BACKGROUND:<em> (Presented by Director of Legislative Affairs Clifford Strachan) </em>The proposed Mortgage Assistance Program, one of five moderate income housing strategies included in the City's General Plan, is targeted at public employees whose household income is below 120% AMI, and who would purchase and occupy a home located in Eagle Mountain. As drafted, the program would provide qualified applicants with a $15,000 down payment loan at 0%, in second position, which is fully forgivable by 15 years. The program would be administered by Eagle Mountain City and funded by an appropriation of the Redevelopment Agency of Eagle Mountain City's Community Reinvestment Project Area housing funds.
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