Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Loan Agreement
Purpose: Resolution amending Resolution 7R2-k(as) adopted on July 11, 2018 authorizing the execution of the contract for loan guarantee assistance under Section 108 of the Housing and Community Development Act of 1974, as amended, 42 U.S.C. ? 5308 for funds awarded under the United States Department of Housing and Urban Development Section 108 Loan Guarantee Program.
Entity Name: United States Department of Housing and Urban Development
Entity Address: 451 7th Street S.W., Washington, DC 20410
Loan Amount: $3,709,000.00
Funding Source: United States Department of Housing and Urban Development (HUD)
Loan Term: Twenty (20) years from the date of execution and delivery of the contract by the City and HUD
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
Additional Information:
Application for loan funds authorized by Resolution 7R2-a(as) adopted on November 1, 2017.
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WHEREAS, Section 108 of the Housing and Community Development Act of 1974 (42 U.S.C. ? 5308) ("Section 108"), authorizes the United States Department of Housing and Urban Development ("HUD") to guarantee loans as part of its Community Development Block Grant ("CDBG") program; and
WHEREAS, by Resolution 7R2-k(AS), adopted July 11, 2018, and annexed herein as Exhibit "A", (the "Authorizing Resolution") the Municipal Council has authorized the City to enter into a Contract for Loan Guarantee Assistance Under Section 108 of the Housing and Community Development Act of 1974 (the "Contract", which the City executed on August 28, 2018 and is awaiting execution by HUD; and which is annexed herein as Exhibit "B"), and related documents and certifications which w...
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