The Atlantic City Council meets 5:30-p.m. Wednesday, Aug. 21st, in their chambers at City Hall. During their session, the Council will act on an Order to approve select streets for the Atlantic Homecoming Parade that takes place Oct. 11th. The parade is expected to begin that day at 2:30-p.m., but set-up will likely be earlier. The route begins at 10th and Linn Streets and proceeds west on 10th to Chestnut, north on Chestnut to 3rd Street, then east to Walnut, and finally south on Walnut, to 6th Street.

In other business, the Atlantic City Council will discuss and act on a Resolution “Approving the Veteran’s New Housing Forgivable Loan Program policy.” City Administrator John Lund said in his agenda notes, “Housing continues to be one of the top concerns we hear about concerning rural economic development.” Housing is not only an issue in Atlantic, he says, but across the State.

Home Base Iowa reports nearly 200,000 individuals retire from the military every year, and their initiative is designed to bring those persons home to Iowa. The Veteran’s New Housing Forgivable Loan Program revolves around a $15,000 incentive for new housing. The first part is a zero-percent, deferred and forgivable loan up to $10,000 to cover the down payment and closing costs, when buying a newly constructed home within the City Limits. And additional $5,000 deferred and forgivable loan is being offered to cover the costs of purchasing new appliances or making improvements to the property.The program is currently seeded with $90,000 from the EDR (Economic Development Revolving) Fund, which Lund says should secure six forgivable loans. The City may pursue replenishing the loans through a TIF (Tax Increment Financing), but specific projects will need to be identified, and can occur later.

Issues of credit worthiness, income and employment verification are important to lenders, and the City Council, Lunds says will accept the findings of those institutions when it comes time to contributing City funds to the closing process. Lund says the only requirements are that the applicant was Honorably Discharged to the U-S Military, and have not held residence in Atlantic for the past 24 months. Lund says that particular time-frame was selected to ensure the City is not just giving “free money” away to existing residents, but still extending the opportunity to Atlantic graduates that chose to enter the military, and may now be considering moving back to the area.

The program requires the applicant to live in the property for five-years, with an equal percentage of the loan being forgiven for each of those five-years. If the property is sold, transferred to someone other than a spouse or heir, is cashed-out for equity, and is not converted to rental property, the outstanding balance is owed immediately. The same goes for if the applicant lied on their application. Unusual, or tragic circumstances that may require a veteran’s family to leave the area do allow for Special Review by the City Council, to determine if the outstanding balance will be pursued, or not.

In other business, the Atlantic City Council will act on passing a Resolution “Amending the City Financial Policy to add Section 204” (A Federal Procurement Policy), with regard to Federal Disaster funds from FEMA. Cass County was declared an eligible county to apply for disaster relief funding from FEMAm following flooding this past Spring. The Policy outlines uniform administrative requirements, cost principles, and audit requirements for federal awards.