Loan Fund from Escrow Deposits?

[wlm4 at cornell.edu (Will]

From: fran tobin <U30013@UICVM.UIC.EDU>

I am working with several CDCs in Chicago who want to create a pooled escrow
fund with damage deposits (about $200 million in Chicago). The Fund would be
a combination community loan fund, housing trust fund and tenant/landlord
bureau (since it would be capitalized with damage deposits).

Do you know of any similar systems anywhere we can look at or copy ? any ideas
where to look ?? I'd appreciate any assistance.

PS. I'm new to internet; I hope this e-mai is being sent properly
u30013@uicvm.uic.edu




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[mikedb at PANIX.COM (Mich]

>
>From: fran tobin <U30013@UICVM.UIC.EDU>
>
>I am working with several CDCs in Chicago who want to create a pooled escrow
>fund with damage deposits (about $200 million in Chicago).

Lay to banking vernacular....definition "damage deposits'? Thank you.

Michael Brooks
mikedb@panix.com



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[wlm4 at cornell.edu (Will]

>>
>>From: fran tobin <U30013@UICVM.UIC.EDU>
>>
>>I am working with several CDCs in Chicago who want to create a pooled escrow
>>fund with damage deposits (about $200 million in Chicago).
>
>Lay to banking vernacular....definition "damage deposits'? Thank you.
>
>Michael Brooks
>mikedb@panix.com
>
>
Maybe you would call them security deposits or pre-paid rent. When a renter
signs a lease, in our area, they are required to pay the first monnth's rent
, last month's rent and a damage deposit of one month's rent. This deposit
is refunded when the tenant moves out if the property is left in good
condition. Bill Myers



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