BANKING PROCESS … Dick Reed and volunteer Tyler Rupp helped explain the banking details to everyone present, stressing that this open-end mortgage loan method would ensure the avoidance of surplus fees on individual loans.
By: Anna Wozniak
THE VILLAGE REPORTER
anna@thevillagereporter.com
The Williams County Port Authority met on Wednesday, March 6, 2024 at 12 noon. After approving the minutes of their February 28, 2024 meeting and the financial statements as presented, a project extension for 207 Bunny Lane in Edon was given for construction.
This led to conversation about the new house construction agreement, which will see projects with a 120-day timeline instead of 90, hopefully providing for the need to approve fewer extensions.
This will also see payments for property development given in four installments instead of three to allow the contractors to purchase their own materials.
The Linden Street property in Montpelier will see an updating framing plan given to the contractor, with it being shared that permits and licensing will still need to be acquired for the property.
This build will also be the first to see the new implementation of their notice of commencement document, the 3rd home constructed by the WCPA this year, as well as the 13th home to be constructed by the WCPA.
The banking process for the WCPA has come to near perfection, with Dick Reed sharing that the WCPA is looking to hold an open-end mortgage, so that they may put all builds under one loan.
This would see an official title opinion listing all properties undergoing construction, but the idea is to reduce banking fees associated with taking out individual mortgages on each build -which was reported to be about $5,000 for each one.
The WCPA plans to reach out to F&M and State Bank on the open-end mortgage, sharing that they hope to solidify a plan to better improve the community through directly combating the housing crisis.
Each home has been averaging around $128,000 just for materials and labor, with the total costs averaging over $150,000 -which is the limit that a majority of workers in Williams County can afford.
They hope to partner with the banks for sub-par loan rates to ensure this community project can remain affordable for both the WCPA and the residents of Williams County.
The WCPA is currently closing two homes in Edon, one in Edgerton, and one in Stryker this month, as well as constructing two homes in Montpelier, one in West Unity, and soon starting another in Stryker.
Construction at the Linden Street property is slightly behind schedule but is moving forward. New construction layouts will be gone over by the WCPA, with sights set on picking floor plans to best match the shape and size of each lot, especially with regards to duplexes.
It was then that the WCPA entered into executive session to consider the purchase of property with no action to be taken, set to meet next March 13, 2024 at noon.