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ORDINANCE NO. 30- 96 <br /> <br />PLACED UN'Ist Reading ~ Referred ro Housing <br />Committee on 7/15/96. <br />PLACED ON 2nd Reading on 9/5/96. <br /> <br /> BY: ]tos¢ia, Corr,.gan, Flannery, George, Roth, <br />AN EMERGENCY ORDINANCE authorizing the Mayor, on behalf of the C~ty, to enter into <br />amended agreements with the Cuyahoga Housing Consortium and various lending institutions and <br />individuals participating in the LakewOod HOME Program. <br /> <br /> WHEREAS, the Cuyahoga Housing Consortium (Consortium) has been designated by the U.S. <br />Department of Housing and Urban Development (HUD) as a grantee of funds under HUD's HOME <br />Investment Partnership Program; and <br /> <br /> WHEREAS, the City is a member of the Consortium and as such has been granted funds to assist <br />eligible homebuyers; and <br /> <br /> WHEREAS, the City has developed and implemented the Lakewood HOME Program (the <br />Program) to support home ownership affordability within the City among eligible homebuyers; and <br /> <br /> WHEREAS, the City has modified the Program to improve home ownership affordability within the <br />City among eligible homebuyers by providing assistance more closely related to housing type purchased (the <br />Modified Program); and <br /> <br /> WHEREAS, the Modified Program will further promote home ownership of two-family property <br />types by implementing a loan forgiveness schedule designed to encourage owner occupancy; and <br /> <br /> WHEREAS, in order to implement the Modified Program, the City must enter into amendments to <br />the original agreements for the Program, as such original agreements with the Consortium and variousl <br />lending institutions and participating individuals were authorized by Council on May 5, 1995, tinder <br />Ordinance NO. 43-95; and <br /> <br /> WHEREAS, the Modified Program will not require the appropriation of additional City funds or the <br />use of additional employees or services; and <br /> <br /> WHEREAS, this ordinance constitutes an emergency measure providing for the immediate <br />preservation of the public health, safety, and welfare for the reason that home ownership is an investment in <br />the City which promotes greater care and maintenance of the housing stock thereby stabilizing the <br />community and improving the quality of life within the City; now, therefore, <br /> <br />BE IT ORDAINED BY THE CITY OF LAKEWOOD, STATE OF OHIO <br /> <br /> Section 1. That the Mayor, on behalf of the City, is hereby authorized and directed to enter <br />into amended agreements with the Cuyahoga Housing Consortium, various lending institutions, and eligible <br />borrowers to implement the Modified Program; said amended agreements to contain such terms and <br />conditions as deemed necessary by the Director of Law to protect the public interest. <br /> <br /> Section 2. It is found and determined that all formal actions of this Council conceming and <br />relating to the passage of this ordinance were adopted in an open meeting of this Council, and that all such <br />deliberation of the Council and of any of its committees that resulted in such formal action were in meetings <br />open to the public in compliance with all legal requirements. <br /> <br /> Section 3. That this ordinance is hereby declared to be an emergency measure for the <br />reasons stated in the preamble hereof and provided it receives the affirmative vote of two-thirds of all <br />members elected to Council, it shall take effect and be in force immediately upon its adoption and approval <br />by the Mayor; otherwise, it shall take effect and be in force after the earliest period allowed by law. <br /> <br />Adopted: <br /> <br />Approved:~(~/x, 0~/ /¢F~ <br /> <br />President <br /> <br /> <br />