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Estimated Costs of Loan Program for <br />Rogers Roatl Waterline Connections <br />January 2002 <br />Assumptions: Twenty percent of residents (18 applicants) with incomes over 60 <br />percent of the area median apply for and receive loans. Loan amounts are <br />assumed at $2,167 per applicant. <br />Hourly rates (includes fringe benaFlts): <br />EDC Director $35 /hour <br />EDC Administrative Assistant $171hour <br />One time costs: <br />Processing (@ 1 houdloan. EDC Director) <br />$ 630 <br />Closing (@ 540011can, attorney) <br />7,200 <br />Setting up file, billing (@T5 mr/loan, EDC Armin <br />Assistant) <br />459 <br />TOTAL <br />$8,289 <br />Total per loan <br />$ 46050 <br />On -going costs: <br />Billing and process in payments (@ 5 narrational <br />EDC Armin Assistant) <br />$1,636 <br />Monthly status reports (@ 1 M1rlmD, EDO Armin <br />Assistant) <br />204 <br />Monitoring (2 hrsrynloan, EDC Director) <br />1,260 <br />Collections (assume 20% delinquency, or 4 loans), <br />(@ 5 hrelmolloan, EDC Director) <br />840 <br />(@ 1 hr /molloan, EDC Armin Assistant) <br />816 <br />TOTAL <br />$4,956 <br />Total per loan <br />$ 275.34 <br />Potential Off-Setting Revenue <br />Interest (@ 3 -5 %of loan amount <br />(At average of 4 %, approximately $85 per loan) <br />