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  • Comment Detail

  • Date: 04/19/18
    First Name: Phillip
    Last Name: Larabee
    Organization: Citizens State Bank
    City: N/A
    State: N/A
    Attachment: N/A
    Number: RIN-2590-AA83

  • Comment

    Thanks for the opportunity to express our feelings concerning the Amendments to the Affordable Housing Program. As a bank we typically on use the HomeStart program thus all of my comments will be toward this program.

    1. Is the $5,000 Grant Amount adequate with closing cost at or near $3,000 does not seem to get people to apply for the grant as there is only $2,000 or so used toward down payment or rehab. The $7,500 grant seemed to get their attention.

    2. In our area we are seeing Investors purchasing the properties which 1st time home buyers would qualify for to either rent or flip. The properties not purchased by the investors typically are in poorer condition and even using the entire $5,000 grant is not enough for rehab. I would like to see the rehab dollars increased to say $15,000 max to get these homes back in satisfactory condition.

    3. Lastly, I would like to applaud the persons who are there to assist us in the field with application questions. We are experiencing very quick responses to any of our questions.