HomeMy WebLinkAbout07/20/2010 14 HOME CHDO Revolving Loan Agreement •
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BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No. / .
For Meeting of July 20, 2010
ITEM TITLE: Consideration of a Resolution authorizing the City Manager to execute an
agreement with OIC of Washington for a revolving loan in the amount of $200,000 of HOME
CHDO set aside to continue work in partnership with the City of Yakima in developing in -fill
housing as a certified Community. Housing Development Organization. (CHDO)
SUBMITTED BY: Michael Morales, CED Director (575 -3533)
CONTACT PERSON / TELEPHONE: Archie M. Matthews, ONDS Manager (575 -6101)
SUMMARY EXPLANATION: As the annual recipient of HOME Investments Partnerships
(HOME) funds from the Department of Housing and Urban Development (HUD), the City of
0 Yakima is required to invest these funds for "Affordable Housing" within its jurisdiction.
OIC of Washington as a Qualified CHDO is requesting a revolving loan in the amount of Two
Hundred Thousand dollars ($200,000) to be used with OIC,s partnership contribution of Three
Hundred Seventy Five Thousand dollars ($375,000) with the City of Yakima's infill replacement
housing program.
The City of Yakima in loaning HOME funds CHDO set aside enables OIC of Washington to
assist the City in developing affordable housing for low to moderate income first -time
homebuyers within Yakima.
Resolution X Ordinance Other (Specify)
Contract Mail to (name and address):
Phone:
Funding Source 2010 HOME Funds
APPROVED FOR SUBMITTAL: �!
Ci ty - anager
STAFF RECOMMENDATION: Staff recommends approval .
BOARD /COMMISSION /COMMITTEE RECOMMENDATION: The Neighborhood Development
Committee met on July 7, 2010 and recommended that this proposal be forwarded to the full
Council for approval.
COUNCIL ACTION:
ill
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RESOLUTION NO.
41) A RESOLUTION Authorizing the City Manager to execute an agreement with OIC of Washington
for a revolving loan in the amount of $200,000 of HOME CHDO set aside to
continue work in partnership with the City of Yakima to develop affordable in -fill
housing for low to moderate income first -time homeowners.
WHEREAS, 010 of Washington is a Qualified Community Housing Development
Organization; and
WHEREAS, OIC of Washington has requested a revolving loan in the amount of Two Hundred Thousand
• dollars ($200,000) in HOME CHDO set -aside funding in partnership'with the City of Yakima to develop
affordable in -fill housing for low to moderate income first -time homeowners.
WHEREAS, the City is a recipient and is responsible for the administration of its annual
allocation of HOME funds made available through the United States Department of Housing and
Urban Development (HUD); and
WHEREAS, federal regulations goveming the use of HOME funds for addressing affordable
housing activities allow the City to use such funds to provide assistance to Community Housing
Development Organizations (CHDO) to develop such housing; and
WHEREAS, the provision of HOME assistance in partnership with OIC of Washington's
contribution of Three Hundred Seventy Five Thousand ,dollars ($375,000) to construct five (5)
0 single family homes to assist in providing affordable housing to low to moderate income families .
within the City of Yakima; and
. WHEREAS, the assistance to OIC of Washington for affordable housing to low to moderate
income families provides substantial 'appropriate public benefits to the City; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF YAKIMA:
The City Manager is hereby authorized to execute a revolving loan agreement, with OIC of
Washington in the amount of Two Hundred Thousand dollars ($200,000) in HOME CHDO set -aside
funds for construction of five (5) single family dwellings in partnership with the City of Yakima to
develop affordable in -fill housing for low to moderate income first -time homeowners.
ADOPTED BY THE CITY COUNCIL this 20th day of July, 2010
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Micah Cawley, Mayor
ATTEST: .
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City Clerk •
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