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<br /> PLACED ON 1ST READING & REFERRED TO..THE <br /> FINANCE COMMITTEE 6/6/05. Second Reading 6/20/05. <br />Ordinance No. 54-05 Def. 7/5/05. By: Corrigan, Demro, Dever, Dunn, <br /> FitzGerald, Madigan, Seelie. <br />AN ORDINANCE authorizing the Mayor, on behalf of the City, to enter into an <br />amended agreement with the Cuyahoga Housing Consortium ("Consortium") and <br />various lending institutions and individuals participating in the Lakewood HOME <br />Program ("Program"). <br />WHEREAS, the Cuyahoga Housing Consortium, has been designated by the U.s. <br />Department of Housing and Urban Development (HUD) as a grantee of funds under <br />HUD's Home Investment Partnership Program; and <br />WHEREAS, the City is a member of the Consortium and as such has been <br />granted funds to assist eligible homebuyers; and <br />WHEREAS, the City has developed and implemented the lakewood HOME <br />Program to support home ownership affordability within the City among eligible <br />homebuyers; and <br />WHEREAS, the City has modified the Program to improve home ownership <br />affordability within the City among eligible homebuyers by providing additional down <br />payment assistance and removing certain requirements making the program more <br />beneficial to applicants (the Modified Program); and <br />WHEREAS, the Modified Program will further promote home ownership of one <br />and two-family property types; and <br />WHEREAS, in order to implement the Modified Program, the City must enter into <br />amendments to the existing agreements for the Program, as such existing agreements <br />with the Consortium and various lending institutions and participating individuals were <br />authorized by Council on October 7, 1996 under Ordinance No. 30-96; and <br />WHEREAS, the Modified program will not require the appropriation of additional <br />City funds or the use of additional employees or services. Now, therefore <br />BE IT ORDAINED BY THE CITY Of LAKEWOOD, STATE OF OHIO: <br />Section 1. That the Mayor, on behalf of the City, is hereby authorized and <br />directed to enter into amended agreements with the Cuyahoga Housing Consortium, <br />various lending institutions, and eligible borrowers to implement the Modified Program; <br />said amended agreements to contain such terms and conditions as deemed necessary <br />by the Director of Law to protect the public interest. <br />Section 2. It is found and determined that all formal actions of this Council <br />concerning and relating to the passage of this ordinance were adopted in an open <br />meeting of this Council, and that all such deliberations of the Council and an of its <br />committees that resulted in such formal action were in meetings open to the public in <br />compliance with ail legal requirements. <br /> - ~~ <br />Adopted: . Oò~ <br /> President of Cound <br />Approved <br /> <br /> <br /> <br /> <br /> <br />