City would loan you money to repair your house in 1970

 

September 17, 1970

Substandard Housing

“Subject: Substandard Housing and application for a loan re xxx High Park Avenue.

“Comment: An application has been received from Ivan (John) and Mrs. Lidia xxxxxxx, the owners of the dwelling at the above address, for a loan in the amount of twenty-seven hundred dollars ($2,700.00) to enable them to carry out the repairs necessary to bring their dwelling up to the standards required by Housing By-law 73-68.

“The City Solicitor has advised me that it is in order to proceed in this matter.

“Taking into consideration the applicants’ financial circumstances it would appear that such monies could be repaid together with interest in equal consecutive annual payments extending over the period of seven years. This term of repayment has been agreed upon by the applicants in an interview with the Loan Secretary. “The City Treasurer has indicated that the seven year term of repayment is acceptable.”According to the City of Toronto Act, the Council is to fix a rate of interest not to exceed 61/2 per cent. per annum.

“Recommendations: 1. That the Executive Committee Treasurer to advance to the applicants, Ivan (John), monies up to twenty seven hundred dollars $2,700 or in pa on certification by this Department that the work in whole or in part covered by the payment has been completed up to the value of such payment.

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