The Community Development Division makes funding available to further the goals of the Consolidated Plan and the Bellingham Housing Levy on an annual basis through Notices of Funding Availability. Loans for multifamily housing projects that serve low income residents are made in accordance with the City's Housing Development Guideline and Procedure Handbook. The Housing Loan Review Board assists staff with underwriting review of multifamily housing projects that have successfully applied for City funding. For more information on this board, visit BMC 2.86
This board offers technical advice to staff and reviews project plans, development and operating budget projections, recommending interest rates, loan terms, security requirements, and other related advisement. Their process follows the City's Housing Development Guideline and Procedure Handbook. They may also advise and make recommendations to the program staff about the loan review process, including changes to the program guidelines and procedures.
Meetings are held on an ad hoc basis, depending on project readiness. The board typically meets no more than four times a year, in an available meeting room in City Hall, 210 Lottie Street, Bellingham. Meetings last one to two hours.
The Loan Review Board may have up to five members appointed by the Mayor to serve four-year terms. Members may be reappointed. Members will be selected from the areas of banking, property management, project development and the real estate and building industries.