Special Board of Aldermen 09-08-2021 Page 13
something we could look at whether it’s for every resident or for low income. We could maybe target it to maybe
some disadvantaged populations that might not be able to afford it otherwise. There’s definitely a pathway forward for
that. So we can definitely look into that in closer detail.
Relative to small business assistance, so the city over the last year and half to two years has put out onto the street |
would say $1.5 million in various types of loans at very low interest rates with flexible terms deferring payments still.
Even as of now, they’ve had deferred payments for over a year now. We've been doing rounds of requests. In the
first round we got 50 applications. Second round we got 25 applications. Third round we got 5 — 10 applications. So
we’re not seeing as much interest. | think the most recent round we did | think we go three applications and that’s
because | think that the money is readily available in the marketplace through other institutions though | would note
we don’t know what’s coming up in the future. We don’t have a crystal ball. The fall is coming. Could we see some
business maybe needing some sort of assistance over the next year? Maybe but it’s just not right now I’m seeing a
dire need.
Alderwoman Lu
| just don’t understand how some of these things would qualify for revenue replacement. Could you just address how
say well housing would qualify for (inaudible).
Tim Cummings Economic Development Director
So if | may Madam President.
President Wilshire
Certainly.
Tim Cummings Economic Development Director
So there are — | don’t know what it is — eight eligible categories, six eligible categories for it. So depending on the use,
you'd fall into that category. One of them is revenue replacement. Affordable housing is actually called out as an
eligible use specifically but | believe it technically falls into the economic negative impact category. I'll double check
that. It addresses negative economic impacts and if you were to look at slide 9 that we provided, it says eligible uses
assistance to households included but not limited to food assistance, rent, mortgage, utility assistance, counseling,
legal aid to prevent eviction homelessness. So under the category of addressing negative economic impacts would
be the eligible use for the category.
Alderwoman Lu
| think | misunderstood. | thought it was just the city, the government itself that had lost revenue and that’s not the
case, correct?
Tim Cummings Economic Development Director
I’m sorry I’m not sure I’m following.
Alderwoman Lu
That’s all right. Follow up?
President Wilshire
Sure.
Tim Cummings Economic Development Director
So yes if a municipality loses revenue, they can use it to replace but also if an individual loss revenue in some way,
you can use these funds in those means as well.
