FAIRMONT– On Monday the Fairmont Economic Development Authority (FEDA) approved its second Local Housing Trust Fund application, but not without some discussion first.

FEDA is the loan committee for the newly established Local Housing Trust Fund. The application it discussed on Monday was for 1125 N. Main St., a single-family rental property.

Koppen said there are quotes from Figueroa Construction that total $57,990, which makes it eligible for the full amount of a single family rental of $25,000. The 10 year forgivable loan will see 10 percent forgiven each year as long as it continues to be owned and operated as a rental.

Other repairs deemed as necessary on the property include replacement of shingles, gutters, siding, windows and a bathroom remodel.

“The rent that he’s charging qualifies for the affordable standards that are tied to this program,” Koppen said.

City Council Liaison Britney Kawecki asked for clarification on the payment and reimbursement.

“They pay it in full up front. We reimburse the full amount and then we forgive it 10 percent each year. We take a lien against the property so if they were ever to sell it or do something different with it, it would be paid out,” Koppen said.

Kawecki asked what would happen if the house goes into foreclosure in a year and FEDA is not the first lien on it.

“The mortgage company takes the house and we’re out the $25 grand,” Kawecki said.

Koppen agreed that in a certain scenario that would happen.

He shared with the board that, as was previously agreed upon when the program was set up, it’s $10,000 per unit for multi-family, up to four units and $25,000 for single family owner-occupied and single family rental units.

“We need rentals. It’s just a lot of money,” said Kawecki.

Koppen agreed that everything is expensive and anything being contributed to fix up a house is going to add up quickly.

“If that’s what it takes to get it to rentable condition…,” said City Council Liaison Jay Maynard.

The board approved the Local housing Trust Fund Application for $25,000. Next, the application will need to be approved by the Fairmont City Council.

The board also talked about the facade program and whether it wanted to replenish funds. Koppen suggested designating $15,000 from reserves to keep the facade program going.

“We always have the ability to add more or stop the program altogether but this is giving me a pot to play with for the coming year,” Koppen said.

Maynard called it a “no brainer” and said the program is doing all kids of good things for the city.

It was shared that since the program started, 16 businesses throughout the city, including 10 downtown, have taken advantage of the program. So far $71,000 has been invested through the program.

The board unanimously approved putting $15,000 into the program for the year.

Board Member Jeff Rouse if any other businesses have inquired about the program.

“It’s been really successful and I know that there’s some interest in a couple of businesses downtown and around town so the likelihood of people coming forward and wanting to access those funds is high,” Koppen said.

In other business, the board also heard about the Golden Shovel quarter three analytics. The Golden Shovel helps measure website traffic.

“I think that quarter three is significant compared to quarter two as we had significant increases in every category. I’m really happy with that and the direction that it’s going,” Koppen said.

He said that he likes to think that the My Town Youtube episode about Fairmont that came out about in December has something to do with the increased traffic.

“I think we’ll see more of the full impact of the My Town down the road,” Koppen said.