Redevelopment Authority COVID-19 Loan Forbearance Extended through December 31, 2020

FOR IMMEDIATE RELEASE. June 4, 2020.

The Redevelopment Authority of the City of Kaukauna took unanimous action at their June 4, 2020 meeting to extend the Temporary Loan Forbearance enacted for Redevelopment Authority Loan Holders through the end of 2020.

As Kaukauna businesses begin the process of reopening and implementing protective measures for employees and customers, we understand that these businesses may experience unanticipated interruptions in normal cashflow. An initial three month forbearance period through May 2020 was implemented by the Redevelopment Authority in March and the forbearance was widely utilized by loan holders.

Redevelopment Authority loan holders will have the option to continue to defer their regular monthly loan payments through December 31, 2020 without interest penalty. Businesses who opt to participate in the loan forbearance will have the deferred payments added to the end of their original loan term.

The Redevelopment Authority clarified that all loan holders who were current on their payments as of March 1, 2020 are eligible for this extended loan forbearance. Additionally, loan applicants who have approved pending loans through the Redevelopment Authority (but have not yet closed on those loans) are eligible for payment forbearance. Any new loan applications received in 2020 will be individually considered for payment deferral at the time of Redevelopment Authority review.

Qualifying loan holders will be contacted by mail regarding this temporary forbearance option. This forbearance option does not apply to Property Assessed Clean Energy (PACE) loans.

Loan holders with questions should contact the City of Kaukauna Planning and Community Development Department: (920) 766-6315 | [email protected].