• RHDC staff receives an inquiry from a potential loan recipient (hereinafter referred to as applicant).
   
  •  RHDC staff outlines the city revolving loan program for the applicant. The commission utilizes the Community Development Department’s underwriting process to evaluate applications.

  • RHDC staff requests that the applicant present a letter of request to the commission, addressed to the Chair. Information that should be included:
    • Description of project, including photographs, a map, and a brief history of the property;
    • Proposed loan amount;
    • Proposed loan term (i.e. 24 months);
    • Proposed collateral;
    • Proposed method of loan repayment;
    • Proposed project budget and/or rehabilitation plan (or historic preservation agreement);
    • Raleigh Historic Landmark status (i.e., if the property is not a landmark, will there be an application forthcoming?);
    • A completed “City of Raleigh Community Development Department Homeowner/Homebuyer Rehabilitation Loan Program Application,” including financial statements;
    • A copy of the current property deed;
    •  A copy of any recent survey or property appraisal, if applicable.

Upon determination that the application is complete, RHDC staff invites applicant to present request to Executive Committee at its next scheduled meeting.
 

•  Executive Committee receives application and hears request in Executive Session.
   
  •  Additional information may be requested from applicant; application may be deferred until further information is provided.
  • Executive Committee (in Executive Session) considers application; projects are considered on a case-by-case basis, with the goal of saving historic property. The Committee votes whether or not to recommend request to full commission.
  • Item scheduled for next business meeting agenda (under Executive Session).
  • Applicant invited to present request to commission at its next scheduled business meeting.
     

• Commission hears request in Executive Session.
   
  
  •  Committee makes a recommendation to the full commission.
  •  Full commission votes on whether or not to support the loan application.
     
• Commission forwards application to City Council, with recommendation.