CHAPTER 39
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,