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Mr. Harrington re-iterated that they would get blindsided again unless <br /> they went in front of therm and find out what it was that they wanted,, <br /> Mr. Ball was aware that they didn't have a full board. But, he would like <br /> Mr. Harrington to address all of his previously stated issues. He added <br /> that when you usually borrow money at a low rate of interest and pay it <br /> off within a certain period of time. There usually is a penalty that goes <br /> with that. As far as research, he would like to know what the average <br /> turnover of those homes that were on the program. For example, if he was <br /> on the loan program today and then sells his home within one year. What <br /> was the percentage? <br /> Mr. Harrington stated that it would be paid back. <br /> Mr., Ball asked what the interest was on the program. <br /> Mr. Harrington stated that it could be 2% or %, The board voted to chose <br /> °tom <br /> Mr, Santos stated that they get the money at 0%. <br /> Mr. Harrington agreed and added that they paid % and they paid % back <br /> to the town for administration cost and overhead. <br /> Mr. Ball stated that what he was getting at was that he was borrowing <br /> this money at % and then he was flipping it in a year. <br /> Mr. Harrington stated that they were just paling back the principal. <br /> Mr. Ball stated that they were getting cheap :Honey. <br /> Mr. Harrington stated that that was a beautiful thing. <br /> Mr. Bali wondered if they shouldn't have a penalty situation if it was sold <br /> within sic months, <br /> Mr. Harrington disagreed. He asked why they should care if the property i <br /> sold. The system was still fixed. <br /> Mrs Ball didn't want to see people coating in and abusing it, especially <br /> these people with $150,000.00 annual income, <br /> Mr. Harrington added that that was where the prioritizing the need would <br /> conte into plays <br /> 2 <br />