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ORDINANCE NO. ~G f6 <br /> 102-06 <br /> <br />PLEASE SUBSTITUTE FOR ORDINANCE NO. <br />102-06 pLACED ON 1ST READING & REFERRED TO <br />THE HOUSING COMMITTEE 12/18/06. <br /> <br />BY: Antonio, Butler, Demro, Dever, <br />FitzGerald, Madigan, Seelie. <br /> <br /> AN ORDINANCE authorizing the Mayor, on behalf of the City, to enter into an <br />agreement with the Cuyahoga Housing Consortium ("Consortium'~ and various lending <br />institutions and individuals participating in the Lakewood Home Program ahd American <br />Dream Down Payment Initiative (ADDI) in an amount not to exceed $395,392.43. <br /> <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 and ADDI Programs; and <br /> <br /> WHEREAS, the City is a member of the Consortium and as such has been <br />granted funds to assist eligible buyers; and <br /> <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 /> <br /> WHEREAS, a new funding agreement between the City of Lakewood and the <br />Cuyahoga Housing Consortium will facilitate the continuation of this program and <br />adding the new ADDI program. Now Therefore, <br /> <br />BE IT ORDAINED BY THE CID( OF LAKEWOOD, STATE OF OHIO <br /> <br /> Secti0n J_. That the Mayor, on behalf of the City of Lakewood, is hereby <br />authorized to enter into an agreement with the Cuyah0ga Housing Consortium, various <br />lending institutions~ and eligible borrowers to implement the Lakewood Home Program <br />and American Dream Down Payment Initiative (ADDI) in an amount not to exceed <br />$395,392.42. <br /> <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 wer~ adopted in an open <br />meeting of this Council, and that all such deliberation of the Council and of any of its <br />committees that resulted in such formal action were in meetings open to the public in <br />compliance with all legal requirements, <br /> <br />Adopted: <br /> <br />Approved: <br /> <br />President of Council <br /> <br />Clerk of~oundl c) <br /> <br /> <br />