lindsay loanLindsay Loan has administered federal grant monies to property owners of the cities of California since 1987. Lindsay loan client cities receive money for meeting criteria on population, poverty, incidence of overcrowded housing, and age of housing. Loans are made for home purchase, renovation or to cure health-and-safety problems.

Over the years in this small city of perhaps 2,500 households, 471 of those have been clients in the loan program. “Rehabs” under the program number 285, and first-time home buys number 186. Rehabilitation can mean anything from replacing a defunct water heater to gutting and rebuilding from scratch.

Lindsay loans have provided $7.7 million on “rehabs”. On home buys, it has loaned $6.5 million. Better than 99 percent of borrowers have repaid. For example in one residence, the city by way of a second mortgage has a money interest somewhere around $30,000. A primary lender recently foreclosed. Lindsay will protect its interest by putting the house up for sale, probably for around $100,000, and paying off the primary lender.

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