INCENTIVES AND FINANCIAL ASSISTANCE
Sec. 39-01-01. A fund shall be created known as the Neighborhood Reinvestment Incentive Fund, which fund shall be used as described in this ordinance and pursuant to the Rules to be prescribed as described herein.
Sec. 39-1-02. Said fund shall provide an amount of up to Two Thousand Five Hundred Dollars ($2,500.00) at the time of closing to otherwise qualified purchasers of residential structure which, for a period of five (5) years shall be utilized by the purchaser’s principle place of residence.
Sec. 39-1-03. All funds paid pursuant to this ordinance shall be paid upon a purchaser producing evidence that said purchaser has a binding contract to purchase a residence located within the boundaries of the City of Kankakee, has a binding loan commitment from a qualified lender and has the ability, without the incentive funds, to pay at least ten percent of the purchase price at the time of closing.
Sec. 39-1-04. All funds so appropriate shall be awarded on a first come basis and paid at the time of closing of the contract to the lender as a supplement to the money paid down at the time of the closing.
Sec. 39-1-05. All funds awarded shall constitute a lien against the real estate which lien shall be reduced by twenty percent per year until at the end of five years, said lien shall be satisfied. In the event that said property is sold or the property is no longer occupied by the owner and original applicant prior to the satisfaction of the lien, the amount then due shall be repaid by the owner to the City upon the first of said events to occur.
Sec. 39-1-06. The City of Kankakee Community Development Agency and the City of Kankakee Law Department shall be responsible for the drafting and publishing of additional rules and regulations which are necessary to implement this fund to assure the distribution with equal access and without discrimination. (Ord. 2009-10, 3/2/09)