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PLACED ON 1ST READING£& REFERRED TO THE <br />HOUSING COMMITTEE 4/20/09, 2ND READING 5/4/09. <br />Ordinance No. 47-09 BY: Antonio, Bullock, Butler, Dever, <br />Madigan, Powers, Summers. <br />AN ORDINANCE authorizing the Mayor, on behalf of the City, to enter into an agreement with <br />the Cuyahoga Housing Consortium ("Consortium") for Deferred Payment & Interest Loans for <br />Seniors in an amount not to exceed $200,000. <br />WHEREAS, the Cuyahoga Housing Consortium, has been designated by the U.S. Department of <br />Housing and Urban Development (HUD) as a grantee of funds under HUD's Home Investment <br />Partnership Program and ADDI Programs; and <br />WHEREAS, the City is a member of the Consortium and as such been granted funds to assist <br />eligible homeowners; and <br />WHERAS, the City has developed and implemented the Lakewood HOME Program to support <br />home ownership affordability within the City among eligible home owners; and <br />WHEREAS, these funds will be used to provide loan assistance to very low income owner <br />occupants over the age of 62 bring their one, two and three family homes up to code; and <br />WHEREAS,. the Modified Program will not require the appropriation of additional City funds or <br />the use of additional employees or services. Now therefore <br />BE IT ORDAINED BY THE CITY OF LAKEWOOD, STATE OF OHIO: <br />Section I. That the Mayor, on behalf of the City, is hereby authorized and directed to enter into <br />an agreement in an amount not to exceed $200,000 with the Cuyahoga Housing consortium to <br />complete loans in an amount up to $25,000 unless otherwise approved by the Community <br />Development Loan Approval Board for repairs necessary for the safe occupancy of the <br />borrower's property and meeting local code requirements. <br />Section 2. It is found and determined that all formal actions of this Council concerning and <br />relating to the passage of this ordinance were adopted in an open meeting of this Council, and <br />that all such deliberations of the Council and of its committees that resulted in such formal action <br />were in meetings open to the public in compliance with all legal requirements. <br />Adopted: ZvvT <br />Approved: ~j/o1 o j~ `~ <br />President of Council <br />~tu~~_ 7 l~~:a.,,.., <br />Clerk of o cil <br />1-~ <br />Mayor <br />