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<br /> would provide the remaining 75 percent, thus creating the leverage necessary to <br />e reduce the cost of the loan to the borrower. He reviewed the guidelines of the <br /> program, using a hypothetical situation to illustrate the loan process. He sa i d <br /> that the EDD had worked closely with the lenders in the developnent of the <br /> program. Mr. Compton said he felt that City staff was capable of administering <br /> the program and that staff would be provided with additional loan training so <br /> they would be ready to implement the program by November 16. <br /> Councilor Lindberg said the program sounded excellent. He asked if the com- <br /> munity goals could coincide with HUD goals of alleviating blight and providing <br /> special services to low-income individuals. He said he had recently reviewed <br /> the draft of the criteria and felt it was excellent in establ ishing an infonnal <br /> point system for review by the loan committee. He asked if the program still <br /> included the criteria which gave advantages to appl icants located in blighted <br /> areas. Mr. Compton said these criteria were still in the program. He sai d the <br /> driving force of the program was to provide and retain anployment. He added <br /> that the guidelines defined the low- and moderate-income levels for the program. <br /> Mayor Keller thanked Mr. Compton for his presentation. He said the item woul d <br /> be scheduled for further discussion on November 16. <br /> The meeting was adjourned at 1:45 p.m. <br />e Re;?~ <br /> Micheal D. Gleason <br /> Ci ty Manager <br /> (Recorded by Thorn Strunk) <br /> MDG:TS:bm/CM7bl <br />e <br /> MINUTES--Eugene City Council October 26, 1983 Page 11 <br />