By: Diane Benjamin
This is going to be a multi-part project. Part 1.
I’ve written before about all the “loans” that show up on bills and payroll. There are also numerous “grants”, but I’m not looking at those yet. Most, if not all, are labeled CD – Rehab. CD may stand for Community Development. Some of these loans reference an address, others don’t.
Here’s the first problem:
I did a FOIA request for details on all loans outstanding. The FOIA was filed on 11/30/18, so any loans made before then with an outstanding balance should have been included. The list below came from 2018 Bills and Payroll. http://www.cityblm.org/government/advanced-components/documents/-folder-1609
The last three loans may be listed on what I received under the homeowners name. I do have amounts that match and dates with a close match. No payments have been made on these loans since they were issued. All three do show liens placed by the City of Bloomington on the property for the amounts listed. None of the other loans match any amounts or names.
The loan list did show loans made in 2018 that don’t match any of the below. Those will take more work.
There are loans made from the General Fund going back to 2001. Not all of those are being repaid.
The list includes other loans going back to 1981. This money came from Community Development Block Grant Funds received from HUD. (CDBG). It’s still taxpayer money. Many of those are not being repaid. At least some do have liens filed. I need to check all of them.
Obviously there is a lot more to be told, like who decides who gets loans? I don’t recognize most of these names. One more note: Many of the loans on the list I received have 0% interest rates.
7 thoughts on “Is Bloomington a Bank?”
How do I apply for one of these loans? I have this put Bloomington-Normal in the rear view mirror project that I am working on and 100K would really help right now…
Looks like it’s all spelled out here on the webpage, residents have to meet federal standards for income and potential slum or blight requirements of the neighborhood. Looks like these are all payments to the contractors. So really it’s tax payer money being returned to the citizens, but through government’s hands.
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Thanks, Alex! As usual, government manages our lives, collecting money, flaking some off for itself, hand some over to its pals, and returning the crumbs to the taxPAYERS via a political formula. Imagine how much better Bloomington would look and develop if the government got out of the way, limited its involvement, and empowered private sector investment.
HUD is largely to blame. They think redistributing wealth helps people.