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The City Council of Thompson Falls met May 13 for a regular meeting. Among the topics for discussion were the possibility of participating in “Neighbor Works Montana” (NWMT), brought up by Michael Scharfe from First Security Bank. NWMT provides home loans for individuals with low-income status. Borrowers can obtain loans to cover down payments and closing costs by putting as little as 1% down. Since 2008, NWMT has provided loans to housing developers in Montana to fill gaps in available housing projects.

There are two basic types of loans that NWMT offers, amortizing and 0% deferred. With an amortizing second loan, you make two payments each month, one to your first mortgage lender and one to NWMT. These types of loans can help you access the best first mortgage products and may help to avoid costly mortgage insurance. They can also be paid off at any time without penalty, helping you gain more equity. With a 0% deferred loan, you have no interest or no payments until you refinance or sell your home. This type of loan is designed to help reduce the total number of mortgage payments for low-income buyers.

Another topic for discussion was the awarding of the Ainsworth Project and executing the contract. There were no bids that came in for the project for the entire time bidding was open. Some of the topics brought up by potential bidders was the complex irrigation system that was installed. The Council discussed a reopening the bidding later this summer, possibly later in July.