Loan-guarantee deal would help Urbana preservation group

URBANA – The city council will consider Monday a proposal to have the city provide up to $85,000 in mortgage down-payment guarantees for a nonprofit group that wants to rehab and resell older homes in west Urbana.

If approved, the loan-guarantee agreement would allow the Urbana Development Group, a community development corporation, to obtain bank loans to buy homes without any down payment.

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