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PLACED ON 1 sT READING & REFERRED TO THE HOUSING COMMITTEE 11/17/08, 2ND READING 12/1/08. Ordinance No.94-08 BY: Antonio, Bullock, Butler, Dever, Madigan, Powers, Summers. AN ORDINANCE authorizing the Mayor, on behalf of the City, to enter into an agreement with the Cuyahoga Housing Consortium ("Consortium and various lending institutions and individuals participating in the Lakewood HOME Program and the American Dream Down Payment Initiative (ADDI) )collectively the "Modified Programs" in and amount not to exceed Five Hundred Thousand Dollars ($500,000). WHEREAS, the Cuyahoga Housing Consortium, has been designated by the U.S. Department of Housing and Urban Development (HUD) as a grantee of funds under HUD's Home Investment Partnership Program and ADDI Programs; and WHEREAS, the City is a member of the Consortium and as such been granted funds to assist eligible homebuyers; and WHERAS, the City has developed and implemented the Lakewood HOME Program to support home ownership affordability within the City among eligible homebuyers; and WHEREAS, the City has established a Grow Lakewood Housing Program for the purpose of financially assisting property owners with the conversion of two-family homes to single family homes; and WHEREAS, Lakewood's Community Vision recommended developing programs to encourage homeownership; and WHEREAS, the Grow Lakewood Committee in its report to Council included in its critical recommendations the preservation and growth of housing values to the future of Lakewood; and WHEREAS, the City has modified the Program to improve home ownership affordability within the City among eligible homebuyers by providing additional down payment assistance and removing certain requirements making the program more beneficial to applicants; and WHEREAS, the Modified Program will further promote homeownership of one and two-family property types including doubles converted through the Grow Lakewood Housing Fund Program and properties that have been foreclosed upon; and WHEREAS, the Modified Program will not require the appropriation of additional City funds or the use of additional employees or services. Now therefore BE IT ORDAINED BY THE CITY OF LAKEWOOD, STATE OF OHIO: Section 1. That the Mayor, on behalf of the City, is hereby authorized and directed to enter into an agreement in an amount not to exceed $500,000 with the Cuyahoga Housing consortium, various lending institutions, and eligible borrowers to implement the ADDI and Lakewood