The Lyndale Neighborhood Development Corporation (LNDC) board voted May 24 to modifying its Neighborhood Revitalization Program (NRP) plan to transfer $437,000 from unused programs into new ones.
The group hopes to make fewer grants and more low-interest loans that, when repaid, will help additional residents, especially low-income ones.
The Lyndale neighborhood is bordered by Lake and 36th streets and I-35W and Lyndale Avenue South.
"Redoing NRP projects is a long and cumbersome process," LNDC Executive Director Cara Letofsky said. "We have to close out existing contracts, move dollars into new strategies, do new contracts and then publicize it. But it will be completed by the fall."
Newly funded programs include:
– $107,000 for blighted properties
– $90,000 for "perpetually affordable" housing units
– $45,000 for a homeowner assistance program
– $25,000 for a revolving loan fund
– $22,000 for an emergency loan fund for low-income families who need a furnace or water heater
Eliminated programs include:
– A $150,000 revolving loan fund for rental properties
– $107,000 from the 31st Street account
– $95,000 from the 2 percent business loan program
– $15,000 from the Light Up Lyndale program
– $27,000 from the parking lot improvement fund
– $26,000 earmarked for the blighted properties redevelopment fund
LNDC is setting up committees to finalize fund guidelines and is looking for neighborhood volunteers to make the final decisions, Letofsky said.