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PLACED ON 1st Reading ~ Referred to HOUSING COM3{ITTEE ON 10/6/97 PLACED ON 2nd Reading 10/20/97. ORDINANCE NO. 41-97 BY: Corrigan, Flannery, George, Roth Seelie, Smith AN EMERGENCY ORDINANCE authorizing the Mayor, on behalf of the City of Lakewood, to enter into mended agreements with the Cuyahoga Housing Consortium and various lending institutions and individuals participating in the Lakewood HOME Program. WHEREAS, the Cuyahoga Housing Consortium (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 WHEREAS, the City is a member of the Consortium and as such has been granted funds to assist eligible homebuyers in the City of Lakewood; and WHEREAS, the City has developed and implemented the Lakewood HOME Program (the Program) to support home ownership affordability within the City among eligible homebuyers; and WHEREAS, the City has modified the Program to improve home ownership affordability within the City by providing grant assistance to eligible homebuyers for paint and landscaping improvements (the Modified Program); and WHEREAS, the Modified Program has been presented to and approved by the Citizens Advisory Committee of Lakewood, Ohio; and WHEREAS, in order to implement the Modified Program, the City must enter into amendments to the agreements for the Program, as such agreements with the Consortium and various lending institutions and participating individuals were authorized by Council on May 5, 1995, under Ordinance NO. 43-95, and as were further authorized for amendments by Council on October 7, 1996, under Ordinance NO. 30-96; and WHEREAS, the Modified Program will not require the appropriation of additional City funds or the use of additional employees or services; and WHEREAS, this ordinance constitutes an emergency' measure providing for the immediate preservation of the public health, safety, and welfare for the reason that home ownership is an investment in the City which promotes greater care and maintenance of the housing stock, thereby stabilizing the community and improving the quality of life within the City; 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 amended agreements with the Cuyahoga Housing Consortium, various lending institutions, and eligible borrowers to implement the Modified Program; said amended agreements to contain such terms and conditions as deemed necessary by the Director of Law to protect the public interest.