Troy City Council approves loan program


By Sam Wildow

[email protected]

TROY —The Troy City Council approved the creation of a Residential Exterior Housing Improvement Loan Program during its meeting on Tuesday.

The loan program will be using $150,000 of funds provided by the American Rescue Plan Act (ARPA) to create revolving loan funds to benefit exterior work for Troy homes, particularly homes in need of meeting the Troy Property Maintenance Code.

“This would provide financial assistance to homeowners to improve their property and improve the overall housing stock of the community,” said at-large council member Lynne Snee, who is the chairman of the council’s Community and Economic Development Committee.

The loan program would provide three options to households in Troy, depending on their income levels, to do exterior work to their homes, such as work to roofs, siding, ADA-compliant structures, gutters, garages, and more.

Option one for the city’s Residential Exterior Housing Improvement Loan Program includes the following:

• Income limits of 80% or less of the U.S. Department of Housing and Urban Development (HUD) estimates of median family household income levels with adjustments for the number of people living in the household in the city of Troy;

• A minimum loan of $5,000;

• A maximum loan of $20,000;

• A zero-percent interest rate;

• A 10-year, non-forgivable loan; and,

• No match required.

Option two will be open to Troy residents who are between 80.1 to 99.9% of HUD median income estimates. Projects costing between $5,000 and $40,000 are eligible, but a 25% match is required and the loan will come with a prime interest rate. It is also a 10-year, non-forgivable loan.

Option three will be open to Troy residents with greater than 100% of HUD median income estimates, will be for projects costing between $5,000-$10,000, and will have a 50% match required. Those will be five-year, non-forgivable loans that will also have a prime interest rate.

Also on Tuesday, the council approved an annexation request from Concord Township referred to as the Blackmore-Hill Annexation, which will annex 12.524 acres on the west side of Barnhart Road to the city.

The council also declared a number of items as surplus to then be sold on The items include a 2014 Ford Explorer, a 1994 mower, and over 100 parking meters.

The council later approved eliminating the position of assistant development director as the Development Department continues to re-organize.

The council also held the second reading of an ordinance to rezone parcels located at 1400 Wayne St., 920 Summit Ave., and Crescent Rear from multiple-family residential to office-residential. No one in the audience spoke for or against the rezoning during a public hearing for the item. The properties are located on Wayne Street east of Crescent Drive and west of Lake Street. They are also adjacent to the Stouder Center.

The purpose of the rezoning would be for Wayne Walker Enterprises to revitalize the property. The building located at 1400 Wayne Street is approximately 4,300 square feet with the proposed use of office and residential. The building located at 920 Summit Avenue is approximately 4,000 square feet with the same proposed uses. The rezoning application notes that Wayne Walker Enterprises plans to invest in the property and make “improvements that will stabilize its use and integrated uses in harmony with surrounding properties.” Current plans for the property include converting it into office space with some residential use.

During public comment, there was one speaker, Ronald Stewart, who spoke on behalf of Richards Chapel, speaking about a lack of maintenance at the McKaig and Race Park.

The Troy City Council committees are scheduled to meet Monday, Sept. 13, at 6 p.m., in council chambers on the second floor of City Hall, located at 100 S. Market St.

The next regular meeting of the Troy City Council will be Monday, Sept. 20, at 7 p.m., in council chambers.

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